Another Department of Labor jobs reports, another move higher for stocks. Each month, we have analysts saying a strong job report will be bad for stocks as it would imply the Federal Reserve will have to curb its $85 billion a month asset inflation scheme known as quantitative easing. Today's surprisingly strong jobs report was met with more of the same buying we've seen since the lows in March of 2009.
Bad news is good news, good news is good news. No news is good news and each small pullback is met with some excuse. Excuses have made for fabulous buying opportunities the last 4+ years. And how'd that Hindenberg Omen work out? Six months ago, the Hindenberg Omen was flashing red alert for the markets, with "a crash is coming, sell!" refrain What a farce.
Every named excuse has been a great buying opportunity. Hindenberg Omen, Cyprus, Syria, (Quantitative Easing) Taper, the Sequester...the list goes on and on.
Here's what I think may trigger some bearish talk over the weekend: a possible topping pattern. We have a left shoulder, a head, a neckline, and a right shoulder forming. In other words, it's CRASH TIME. If you haven't stocked your bunker or fallout shelter with food and supplies you're running out of time.
