by Lance Roberts of Real Investment Advice
“The Bear Market Is Dead, Long Live The Bull.”
You could almost hear the chants from the always bullish biased media this week as the markets ripped higher on“first day of the month” portfolio rebalancing and short-covering by fund managers.
The rally, as discussed this past weekend, was not unexpected:
“The good news is that the market was able to break above 1940, and the 50-dma, which now clears the way for a push to the 1970-1990 where the next levels of resistance will be found.
The bad news is that the markets are once again extremely overbought and still confined inside of an overall downtrend.”