After fighting severe allergies and practically losing my voice late last week, I'm glad to say I'm feeling much better. I can't say as much for any bears out there. They've been run over on this up move just as the bulls were steamrolled on the way down. The market is an equal opportunity destroyer, in case you haven't noticed.

The question tonight is "just what in the sam hill's goin on?" (I'm not sure exactly what that means but my dad used to say it a lot)
This is a massive rally by most any standard, but is it a bear market rally or a new bull being born? I definitely have an opinion. 

I'd say it's a bear market rally. I could be wrong, and if I am I'll admit. But here's the thing....if I'm right, this move can last longer and go higher than most bears think. How about a 50% retracement of the entire decline from November 07?  

As you know, I've been looking for a formidable retracement rally since the November 08 low. Perhaps everyone was and that's why we didn't get it. I was actually looking for a Nov 1929 to April 1930 type rally that would correct the decline we had seen to that point. Instead what we got were new lows. 

But not now. This move is special and may very well be the correction everyone was expecting then. If so it has a ways to go. If you're long, just ride it. Surprises should come to the upside....for now. If you're short, be very, very careful. This is a beast of a move. If you've never seen one just enjoy it. They don't come along often. 

I'll get some upside targets out tomorrow. Tell your 401k friends that Santa may come early this year. If so, they'll want to take their gift and run for cover.

Also, due to may voice late in the week, Tim and I weren't able to record Friday. We'll be back this week.