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Random Thoughts: A New Bull Market?

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S&P 800 is the near-term level of lore

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We often say that, as traders, the destination we arrive at pales in comparison to the path we take to get there-and that's true. Still, as a point of perspective, please note that the S&P and DJIA are still off double digits this year and 50% from the highs.

This morning, Templeton's Mark Mobius offered that the bull market has begun. If by "bull market" he means "cyclical bull nestled within a secular bear," I completely agree (I offer that tongue in cheek as bull markets are generally defined by 20% moves, which we've already seen in both the S&P and DJIA).

Putting one foot in front of another, next Tuesday is the quarter-end and the burning rubber you smell are spinning tires in hedge fund community trying to catch-up with their benchmarks. We flagged two milestones when we last spoke-the big bang theory before expiration (check) and performance anxiety into quarter-end (stay tuned).

Markets rarely crack when everyone is expecting them to. That was part of my rationale for trading from the long side when the S&P had a six-handle-we were stopped out against Armageddon-and, conversely, we offered that S&P 800 was the near-term level of lore on the upside.

For my part, following a few days of focusing on the important stuff, I'm gonna let the tape come to me. By that, I mean I wanna watch a bit, juxtapose our technical levels (a better context than catalyst) and get my bearings before risking my hard earned coin. I wanna make hay when the sun shines but I won't need corks on my forks for not proactively positioning.

While I have you, I would like to draw your attention to Professor Rob Roy, President of Atlantic Advisors, who shared his valuable fare with Minyans this morning. He, Tom Fant and the rest of the Atlantic team are top notch and will continue to build Bennet's legacy with the full throttle support of Minyans around the world.

As always, mis ojos son tus ojos y mis oídos son tú los oídos as we find our way. Hit 'em hard and straight and when in doubt, ask yourself W.W.B.D?

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