Permbears should take a look at the graph accompanying this tout, lest they get the crazy idea that bad economic news and lowered earnings forecasts alone are capable of slowing down buyers for more than a few minutes. Both of these negatives were in evidence and waxing last week, and one might have inferred that they were the cause of Monday’s soft opening. Alas, it proved to be little more than a modest shakedown to begin the week, and within an hour bulls were at it again, driving stocks higher with such persistence that the ‘effect’ looks like a good bet  to reinforce the bullish mood till week’s end.

Meanwhile, you can cling to the hope that the 14632 rally target shown will show a little stopping power, but I wouldn’t recommend opposing it aggressively.  A bigger picture available on the monthly chart still suggests that a major Hidden Pivot resistance at 14970 (broached here earlier) is likely to impede the stampede. The coordinates are as follows: A=10404 (10/31/11); B=13339 (5/31/12); and C=12035 (6/29/12).