The market continues to soar after the Presidential election. Such a large swift move usually comes with many traders calling for a top, or at least a pull back. And if we've learned anything since the March 2009 lows, it's that any rally can go far further than expectations, and that while a pull back may come at some point, trying to time it is usually a failed endevour. I don't think it will be any different this time around.
Today's trading action deserves an ESPN like Recap.
He throws it deep, he makes an incredible catch..... wait..... it's ruled incomplete by the official.
Today's recovery off the lows? same result... incomplete. The official judging the action today was none other than the ECB. No funding for you! Will it be the correct call? Unfortunately in this game of asset price manipulation and currency devaluation, there is no instant reply.
It appears the stench from Greece, like a rotting sewage pipe, will continue to linger on, with nary a plumber in sight. I'm not sure you want to be long the market when the pipe bursts.
