Shanghai who? Stocks shrug off early morning losses to close higher

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Today was a prime example of why you do not short a rising market. Although stocks sold off early on buyers stepped up and bidded stocks higher. One of the more bullish days I have seen in awhile!

FOX NEWS – INVESTOR OPTIMISM ABOUT FEDERAL RESERVE PUSHES S&P 500 AND DOW INDUSTRIALS TO RECORD HIGH CLOSINGS

Have we reached a manic state? Not yet, although the 6 days of distribution on the NASDAQ we have pushed higher than the previous highs from all the distribution days but one. Thefore, these distribution days carry A LOT less weight than normally.

NEW YORK (AP) — Wall Street advanced sharply Wednesday, sending the Standard & Poor’s 500 index to its first record close in more than seven years, after minutes from the Federal Reserve’s last meeting offered investors no major surprises about the economy. The Dow Jones industrials also reached a new high close.

Check out this page from MarketWatch.com:

Its not always different, this is the mantra of the media. “It is different this time.” For some reason, the media has to justify its mistakes regarding market action from a previous time. Feb. 27ths decline ended up not doing a darn thing but THIS TIME IT HAS TO MEAN SOMETHING. When in fact, it could mean NOTHING.

Bottom line: Price and Volume action moved instep today. Continue to look for the market to go higher.

Aloha,
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