It’s no secret: I’d rather be known as a child molester than keep company with CNBC’s bull-pen regulars. Let me tick off some of the reasons why we should shun the mindless optimism that these days passes for hard analysis on the Street: 1) the economy is being propped up by record borrowing; 2) a monstrous housing bubble could pop at any time; 3) two of the country’s largest manufacturers, GM and Ford, are seriously on the ropes; 4) the Fed has already tightened eight times; 5) Europe is increasingly becoming a drag on global GDP; 6) Japan is slipping yet again into deflationary coma; 7) energy quotes are once more on the rise, threatening to establish a floor at $50 a barrel; 7) the yield curve is flattening; 8) etcetera, etcetera.

So why am I bullish at the moment? Because most of my stock charts are pointing higher, is why. Take the one of the Dow Industrials below, which updates a picture that appeared here on May 24 alongside a forecast for a tediously buoyant summer. The chart shows that higher price peaks have been matched by correspondingly higher stochastic peaks over the last several months. In technical parlance, this is a “non-divergence,” and it suggests to me that the current, bullish trend is likely to continue, at least for a while. It also argues against the likelihood of an out-of-nowhere collapse in share prices, a possibility that has been bandied about by several quite respectable market technicians whose work has been brought to my attention recently by some of my own evidently anxious subscribers.

Do I care what the other gurus are thinking? Not at all. In fact, I’m convinced that resolutely tuning out all such noise has boosted the accuracy and consistency of my forecasts greatly in recent months. Yesterday, for instance, the 30-Year Bond futures flouted an overwhelmingly bearish consensus once again to produce a rally spike that peaked within three ticks of our 119^20 target. At the same time, the Nasdaq 100 (aka, the QQQ) was topping within 0.02 points of its hidden-pivot rally target, allowing us to buy some June 39 puts at their intraday low. And there was Comex Gold, in the throes of a promising surge from within a single tick of the 412.90 bottom projected here on May 26, five days before the actual bottom was in at 413.00.

Fools, All

So why should I strain to dish up whatever it is that self-described bulls or bears are yearning to hear? This is a market that by turns has made fools out of both, and we should therefore leave them to their opinions and their “not if, but when” mindset as we stalk profit-producing swings in an engaging variety of stocks, as well as indexes, commodities, T-Bond futures, gold, oil, and currencies. Sure, one of these times an S&P rally of intermediate degree is going to reverse and just keep on going. But if and when that happens, assuming the turn comes at a hidden pivot, we’ll be short or out of the market anyway. Consider my current analysis for the S&P 500 cash index. Yesterday it hit an ostensibly minor hidden-pivot resistance at 1205.64, triggering a bulletin that I sent out around mid-session. As far as we know, it could be another 30 years before S&P 500 exceeds that price -- and that’s why we should be eager to short there with the usual penny-ante stop. But what if the index should push past 1205.64 next week? Well, we’ll have a pretty good idea where it’s headed, and perhaps even an objective means to get on board enroute to the target. (See my Current Touts for the exact number, which is significantly above current levels. A free one-day pass that will allow you to crib all of my targets can be had by clicking here.)

Meanwhile, if you need more than a bullish chart to bring you around, ponder this: lower interest rates alone are capable of doing the trick. This they surely did when the stock market began its long climb in the years after the 1990-91 recession. Most observers would recall that it was an upswing in corporate earnings that initially drove stocks higher. But as Austrian economist Kurt Richebacher subsequently documented, nearly all of those earnings, over a period of several years, were attributable to just one factor: reduced corporate borrowing costs. Could it happen again? Perhaps. In any event, we erstwhile permabears shouldn’t be so quick to discount the tidal buoyancy that could result if the Fed were to initiate yet one more cycle of easing. Buttressed by a dollar that has stayed strong seemingly against all logic, the central bank just might be able to get away with it.