Boom!

The S&P busted out with a huge breakout of the all time highs of 1576.  It is puzzling to see the lack of enthusiasm with these new all time highs.  It is quite unlike a lot of big breakouts you see in the stock market.  The main reason for this lack of enthusiasm is the weak economy, traders just can't get too bullish when they see earnings growth so weak and the data coming in poor.  I cannot step in front of this train, not without seeing more capitulation from bears.  Brian Kelly is still bearish, and said he was still short.  And he is very representative of the average trader out there.  I will not take a stand on the short side until I see more bears cover.