DONT WAKE A HIBERNATING BEAR

funny thing happened on the way to dow 5000. the market took a u-turn to revisit the heady days of the 1990's. oh what a feeling...for the bulls. so buy the dips and go with the mo' because the bottom is in and the rally is for real. god help the portfolio managers who miss this rally because it wont just be performance that counts but outperformance. any bears left speaking out against the promised 2nd 1/2 recovery, take 3, or stocks are cheap after 3 down years just take a powder and get patient because this may last some time. good news is good again and bad news is good again too. the FED's on the markets side and has assured us that things will get better or else, they'll try something creative and new. whatever it takes just trust us and close on your new house. we are in a bull market, i think?! so get out there and spend, i mean enjoy!

nevermind the complacency reflected in the VIX which is setting new annual lows or the rise in bullish sentiment to its highest level in well, a very long time. not to worry about weak industrial production, contracting ISM readings or limp retail sales data. remember its always darkest before the dawn. personal bankruptcies setting new records yet credit couldnt be easier to come by. no need to fret over silly things like a terrible employment market or multi-decade lows in capacity utilization. remember those stats are "lagging" indicators, except if its your job being lost or your factory being shut down.

and that pesky issue of deflation that has so many financial uppity ups worried about a "japan style" pricing decline coming to our shores and messing things up for us here, hogwash. we have a "fundamentally sound" economic system that cannot succomb to such primitive forces. and this thing about the dollar being strong, is that the budget deficit or the trade deficit problem? i can never get that straight. as long as i can pay my american express with dollars i'm OK.

forget all that mumbo jumbo about economic data, debt, deficits, dollar or deflation, this market has the power and dont be the only one left behind worrying about the, well the things to worry about when theres money to be made. recent gains have made veteran dot comers blush and stalwart bears cry. just watch out for those nasty bull market corrections!

have a grateful day!

larry