Bullish Momentum

This week’s signals increased my bullish bias which is really no surprise given the momentum fueling this run. All news is good news lately. I was a bit surprised by the zig-zag on financials when comparing last week’s action to Monday. Who knew that Citi and UBS would write off billions and the market would cheer? I should expect nonsense like that but I am still stuck on reality. I don’t like bad news and I don’t have any reason to believe the forecast that the worst is behind us. But it doesn’t matter what I think. Especially when I am wrong and when stocks go up that I think are going lower, I am wrong. In this case, the 4:1 ratio of new UPs to new DOWNs in this week’s signals was not extreme enough to match the surge on Monday. Despite my bullish bias, I feel like I am being brought along on a wild and dangerous ride. When I was a stupid kid, I got into a fast car with a group that was drunker than me. At first it was fun, but by the time I finally figured out how dangerous the situation was it was impossible to leave until the car came to a stop. I feel like that now. I am along for the ride and I just hope that I can jump off before it gets too dangerous.