The Bears drove the market down early again, but it's just tough to fight this uptrend. Let's check the Fox Business iPad app summary:
From Yahoo Finance:
Stocks were hit hard at the open by sellers who were focused on disappointing guidance from Cisco and Akamai Tech, rather than a better-than-expected initial jobless claims report, but the major averages rallied when it became clear that buyers remain in control.
Is that really what happened? Heck, John Chambers himself came on CNBC this morning. Maybe it was his appearance that turned it around.
Anyway. I remain long, but with reduced beta from the January sales. I think the market is way overdue for a pullback. The longer we go, maybe the more dramatic the pullback will be. But this thing is going on and on, and the lagging economic numbers are catching up. Did you see the unemployment claims today? Lowest in 30 months.
Bonds have been getting smashed. As I said at the beginning of 2011, I believe the theme for 2012 will be money coming out of bonds and gold, and into equities.
Hope you're making money. This is what bull markets are all about!