Before the Open (Feb 13)

Good morning. Happy Wednesday.
The Asian/Pacific markets closed mostly up. Australia, China, Indonesia, Malaysia, Singapore and South Korea rallied nicely; Japan dropped 1%. Europe is currently mostly up. Austria, Belgium, Germany, Switzerland, and the Czech Republic are posting decent gains; Greece is down 1.1%. Futures here in the States point towards a positive open for the cash market.

The dollar is down. Oil and copper are up. Gold and silver are down.
The market keeps going up. That’s all I can say. It doesn’t matter what news is released. It hasn’t matter what the technicals say. Upgrades and downgrades. Bulls and bears coming out of the woodwork. Nothing has mattered. Every little dip gets bought, and the indexes keep pressing to news highs – even if not supported by volume.
Stockcharts.com is down, so I can’t grab a chart as of yesterday’s close. Here’s an SPY daily chart I grabbed about 40 minutes before the close. The ETF grinds higher; volume declines day after day (volume on the S&P is the same). From a technical standpoint this is bearish, but the technicals have not mattered. As long as there are so many traders/investors wanting to buy a dip, the market can drift higher – volume or no volume.

For now I’m staying the course. I’m long, but I’m aware the music can stop at any time. Take the best set ups only and manage positions wisely. Don’t thing too much. More after the open.
headlines at Yahoo Finance
headlines at MarketWatch
today’s upgrades/downgrades
this week’s Earnings
this week’s Economic Numbers