The fighter in the market still seems to be alive despite internal weakness.
I think Daneric was right last week when he said the Dow will likely be drawn to 13K before a top starts forming.
From a seasonal perspective, February is usually the second worst month. I would not be surprised to see a mild pullback that lasts into March. March will likely form a bottom for a rally into May that will be more narrow then this recent rally. Then the summer should be weak again. That is just how I am feeling based upon current levels of indicators and memories. I have no idea if it is right.
Treasuries are still on their plateau. Free money everywhere or is it fear? Or both?
""Gentlemen, I have had men watching you for a long time and I
am convinced that you have used the funds of the Bank to speculate in
the breadstuffs of the country. When you won, you divided the profits
amongst yourselves, and when you lost, you charged it to the Bank (me: Second Bank of the United States).
Beyond question this great and powerful institution has been actively
engaged in attempting to influence the elections of the public officers
by means of its money..
You tell me that if I take the deposits from the Bank and annul its
charter, I shall ruin ten thousand families. That may be true,
gentlemen, but that is your sin. Should I let you go on, you will ruin
fifty thousand families, and that would be my sin. You are a den of
vipers and thieves. I intend to rout you out, and by the grace of the
Eternal God, I will rout you out."
President Andrew Jackson