The bulls continue to stagger higher, facing no apparent resistance but not benefiting either from any significant buying interest. It’s hard to imagine what the institutional investors who are paid to throw Other People’s Money at the markets like about the current environment, or why the ‘risk-on’ trade is so popular these days. Maybe they see the West Coast shipping slowdown as a plus, since, if it threatens to throw the U.S. into recession, the Fed might have second (twentieth?) thoughts about tightening. Or pehaps it’s the thought of an exhilarating run on the euro in the wake of failed talks with Greece? Who knows what goes through these guys’ diseased brains?
