Another new high for the Q's that makes 7

Okay this is starting to feel like a trend. Hopefully you have all been able to ignore the bears and stay focused on the long side. This is a classic example of wanting what the market wants not what the talking heads want you to believe. No one can denie the continuous bad news, layoffs, bad earnings and continued banking scares. However the market is rising and that is all that counts.

With 7 up weeks in a row however the odds sure are leaning towards some profit taking here soon. Some are feeling that the party is almost over and the bears are about to return. Be careful out there.

In the meantime the gold play last week is working out. The double bottom held and we had a nice rally for the week.

I still have not given up on oil yet. The last month has been boring but I still think the bottom is in here and will continue to add after this 4th wave correction.

6 Weeks it is

And so it goes for another week. The talk around the water coolers are now about missing the boat. The type of thing you would expect at the end of the first wave up. After some profit taking the miss the boaters will be only to anxious to jump on board. This is what 3rd waves are made of. In the meantime, the buy on the dippers have had a great run here and as long as your stops remain tight the ride continues.Of course with all the favourable earnings and positive news the safe haven investments in gold and silver had the wind knocked out of their sails. The double bottom in gold may just be tieing in nicely with a market top???

Make that 5

That puts the Nasdaq up 31% from its March 9 low. Everyone is complaining about losing 55% over the last year and a half and here we are up 31% in just over a month.

Don't let the bears, and there are a lot of us out there, convince you to end this ride before its time is up. The market wants to go up and up it is going.

Like RIMM last week Well Fargo had the earning this week and helped fuel the bank stocks and indices to new highs.

Make that 4

That makes 4 weeks in a row now with stocks advancing once again. Even with more negative news like jobless rate at 8.5% buying still continues. Short coverings and early to the party traders have now taken the Q's above the previous resistance point.

It helped having RIMM in the picture!!

Its easy to think that this rally needs to end soon and try and pick a top, but you have got to stay with this as long as it continues. Riding this bear market down has been great but the % moves from the bottom here are amazing and not to be missed.