It’s not funny anymore, it’s now passed into the realm of cruelty. What began as a prank on the bears, especially those who “went to cash” or got short ahead of the fiscal cliff, is now basically bullying. It’s like watching a kid being held down in the mud, his arm twisted behind his back.
The first news headline on my Yahoo Finance app this morning was this:
Euro surges to 14-month high, Fed decision awaited
The second one was this:
Nikkei ends above 11,000 for first time in 33 months
China’s Shanghai and Hang Seng averages also rallied hard. Hong Kong in particular is kissing a 21-month high.
Yesterday on TV I called this a “hot stove” market. Which means you can still cook on it, but you don’t want to leave anything on it for too long if you’re a trader.
Anyway, it’s not funny anymore. The kid has learned his lesson, now let him up. Give him his stupid pullback already so he can save face.
On a related note, Heath Ledger came to me in a dream last night. He said “Don’t stop believing.” Thought I’d pass that on to you as you begin your day, I’m not sure what to make of it, but I take most of the dreams I have about Heath Ledger seriously…