I’m reading tome after tome of reasons why the stock market “should not” go higher. As we enter the third phase of the greatest bull market in history, I expect to see all of the old bull market limits surpassed. As I write, the bull market is doing its best to scare out the last survivors, thus the third phase will be able to start with an empty book. Before it’s over, it will have drawn most of America into its bullish clutches.
As I write an hour before the close, the Dow is down 122 with Transports down 103. The S&P is down 18 and the NASDAQ is down 14. Gold, still holding above support at the 1200 mark, is selling at 1231.0. GDX is down 1.03 and GDXJ is down 1.38. If the third phase of the bull market is close to starting, it appears that nobody will be prepared when ... Log in or subscribe to continue reading.