It is a Most Elusive Fish...

The markets were very strong today. At least I am not putting my foot in my mouth. I've made it very clear lately that until there's a clear "rupture", we're still in bull-land. Earnings season isn't doing a hell of a lot so far for our cause. It reminds me of a favorite movie clip of mine......



The Dow Jones 30, shown below, hit another lifetime high today. I wouldn't be shocked if we pushed all the way toward 13,000 in the coming weeks. Earnings from EBAY this evening have the stock up over 10%.


The S&P 500, while not at a lifetime high (its high in early 2000 stands unbeaten) is nonetheless at the very highest point of a massive ascending wedge. Looking at the charts tonight, it's obvious that the strength is widespread and devastating to the bears. (Goldman Sachs just being one of countless examples).


The only bearish holdout is the beleaguered Dow Transports. Of course, I'm sure the bulls will say Dow Theory is sad and outmoded and should be ignored.


If there are any living bears still out there, I like the looks of Adobe (ADBE).


...as well as Black and Decker (BDK).


For a bullish play, CRR looks like it is beginning to turn northward after a long slide.


Ryland (RYL) has recovered back to its neckline, although I use that term somewhat loosely since this isn't much of a head and shoulders pattern. All the same, with this much recovery under its belt, it makes going short the stock much less risky.


Much the same logic holds true for Sierra Health (SIE).


Lastly, I will mention one short suggested here, Textron (TXT), seems to be getting slammed in after hours trading. Nice to have one bright spot to anticipate for the morning!