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Let the Bulls Run

I have been a bit quiet on the markets over the last few weeks because there is little to talk about.  We are continuously watching a docile market march steadily upward despite turbulence in specific arenas.  In what I find truly impressive is that the S&P 500 has yet to break down below its linearly upward sloping 10 day moving average since November.

The Endless Rally.

A 23% return since the end of September is impressive indeed.  It never ceases to amaze me that the risk off/risk on trade can occur so quickly, but I guess I should not underestimate the power of liquidity injections by the federal reserve.  It is interesting that sovereign concerns can spike unnoticed and that US municipals continue to be the only US asset class that repeatedly gets a shellacking without broader concern.  What will not be as surprising is just how quickly this calm euphoria can come to an end.

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