The Big Picture, who had a piece calling this the most hated rally in Wall Street History.
And that's all this is. The market discounted Armageddon, and now it is just repricing itself. It has nothing to do with the so called "news" you hear every day. It has nothing to do with unemployment. It has nothing to do with the weak dollar, or higher gold prices. The market, for the bears is like a bad relationship; and the bears can't understand that the market is just not that interested in them. The market has moved on.
It doesn't matter how much they pursue it, how much they stalk it, how much they criticize it, or how much they hate it. The market has found love. And it's finding love from the converted bulls, and it's taking love from the shorts who hate it so much.
It's forcing the shorts to cover. It's like paying alimony to the girl that never would date you!
That's why it is hated so much. Their schemes didn't work, and they've been doing the same tricks since April. The market has moved on.
The only thing that the market rally reflects is the discounting of the discounting of the next Great Depression that didn't happen. And the only reason that it still isn't yet higher, is because the shorts have been laying out more stock trying to keep it down.
I said we'd have 1440 on the S&P by June of 2010. I suppose when I said that 200 points ago on the S&P, it looked foolhardy.
What happens when the market starts discounting the coming recovery?
Where do you think it will be then?
And where do you think the shortsellers will be?
In the spirit of Da Vinci, I'll give you a clue.
Ask Frederic Mitterrand!