The Recession Is On Hold

Looks like this is what the bears get for trying to take out the Santa Rally.

Good old Santa managed to break the inverse ETF's backs today as he ho ho ho'd around.

Everyone is suddenly worried that they will "miss the boat" and are piling on top of one another to in an attempt to up their abysmal performances into the end of the year.

I'm still holding out that this is a bear market rally, that today the market wasn't told anything it didn't know yesterday (the effective rate was already very close to 0 percent and the FED has obviously been expanding it's balance sheet at a rate never seen before) and that things are still going to get worse over the next few months, maybe 6, maybe more.

I want to be more bullish then I am right now. I am making every attempt to force myself to be more bullish. I will now trade with a bias upwards but I'm not yet interested in building any big positions long just yet.

In addition to Santa we have The Great Messiah coming into the white house which may be able to push the SP up to 1000 at which point I'll be back out shooting bulls in full force - we are still just in that range I posted a little while back - 750 - 1000 and I expect both levels to hold for some time.

Take a look at some of the breakdowns today to those inverse ETF's

Ugly for bears in the s/t.