Nothing Like 2000 and 2007

Tuesday was an impressive thrust higher into new recovery highs.  We had the classic dip that shook out the weak hands last week and now it is back to the power bull move.  The Dennis Gartmans of the world are now on the sidelines after last week's move so the train can now move higher at greater speed without the weight of the weak bulls. We should hit 1560 within a week.

I don't think this thrust higher will be "the top" that many investors and traders are looking to sell.  The top that will make that triple top from 2000, 2007, and now.

But it will be no picnic breaking that 1560-1570 zone.  A lot of supply should come out at that level, and the first visit of that price zone should be an easy short for a short term down move, based merely on the fear of a repeat of the past two times we hit that high.

This time, it feels nothing like those past two tops, there isn't any euphoria about stocks, the public is not embracing this stock market, and I don't think it will for many years.  And the economy is much worse. 

I don't know how high we will go because there really is no precedent for a Fed manipulated market like this one.  The law of supply and demand has been turned on its head by the big elephant that's sitting on all the bears.  This bull will last longer than most think. 

Bubble Ben has put on a clinic in asset price manipulation, something a renowned stock manipulator like Jesse Livermore would envy.  It's interesting to note that traders thought 1420 was too high last summer, but now 1420 is viewed as a great dip buying opportunity, even though earnings are basically flat year over year.  That is just how a stock manipulator manipulates the psychology of the crowd.