I have to give Larry Kudlow of CNBC fame some credit – the tone of his show and his commentary in general is very different than it was pre crisis when almost everything was viewed through rose colored glasses. He seems far more analytical and open minded in his commentary, unlike Mr. Cramer who after being depanted by Jon Stewart acts nowadays as if none of “it” happened. As I sit here watching CNBC I am chuckling to myself as Kudlow is bringing guest after guest on, trying to find one to offer him a reason to sell this market. The fact that not one of his guests can find a reason to sell this market, would (in normal times) be a reason to run for the hills. But (broken record) these are not normal times.
This market continues to amaze – in his weekly letter strategist Jeff Saut says a normal buying stampede (by his strict definition) is 17-25 days. He can count on one hand the number of times (in his 40 years) it had surpassed 30 days. Of that handful, the longest he had ever seen was 53 days. Until this one… which was at 113 days coming into the week. (now 115 and counting). We’re in some sort of 4th standard deviation event.
The market seems on some sort of automatic control – everyone is on the same side of the boat, yet the boat keeps steaming ahead.