Bulls around the world should be pretty stoked today as stocks continued Friday's gains. The DOW is up another 2%, the S&P up another 3%, and the NASDAQ gained another 3% as well. Europe did even better with Greece surprising 7% to the upside.
It kinda begs the question though; are the bulls finally having their way? Or is this rally another short? With a long way to go before we hit the bottom?
For the past few months it seemed like that the market was looking for any reason to rally, but even after today's session, MKM partners think there's still a lot of room for the bears to grow and I tend to agree. While I'm bullish equities over the next few years I feel like the recent rally doesn't have enough behind it to climb the proverbial wall of fear. Volume was barely a fifth of the daily average and nothing has really changed fundamentally as far as our economic outlook is concerned so I'm not sure where all this newfound optimism is coming from.
What do you think monkeys? Are you bullish or bearish after today?