|Is this a "New" Bull Market?|
|Written by L.A. Little|
|Wednesday, 20 February 2013 06:52|
These are the sorts of headlines you see nowadays intermixed with the calls for the tops. Both are misguided. It's simply a bull leg higher in the context of a large bull market move that has been going on ever since the lows of 2009 when the QE programs took over the world. When will it end? I have no idea? How will it end? Your guess is as good as mine. I can't see that far. I struggle to see as far as tomorrow at times. It's not worth the exercise to speculate six months down the road or years. There's just too many variables that can change. It's simply not very productive. A better use of time is simply trying to stay in tune with what is happening now.
Today starts like so many days before - up. Well, barely up but the crawl that has been in effect seems to be strong and durable and the continuance of that trend, though old and worn and despised, continues.
I am as worn out as anyone else with respect to this "infinite up" but I don't control this market anymore than you and no matter what you do at this juncture just realize what you think doesn't matter very much - it's much more about what the market does and right now that is that it continue to crawl higher on low demand but even lower supply. It's that simple. Not enough supply (selling), then higher prices to beget more supply. At some point we will be on the opposite side of the ledger asking when will the selling ever end. Like fire and water, pain and pleasure, hot and cold - the opposites are always present and possible and at odds with each other.