Bulls Run On Despite Worse Data

The Dow gains 21 points despite worse than expected economic data.

Fundamentals
US market lept to a great opening and reached its first peak today within half an hour despite worse than expected GDP and Jobless Claims. GDP was revised downwards while Jobless Claims was higher than expected but they did nothing to dampen the soaring pre-market index futures. Indeed, this has been a runaway market ever since the much anticipated "Run In May and Go Away" didn't happen. No bad news on the fundamental front has yet been able to dampen the bulls so far. As the saying goes, the market can stay irrational longer than you can stay solvent. This is truly the time to look at the technicals and trade with the trend rather than focus too much on the fundamentals.

Technicals
Even though it was an excitingly positive trading day today, the Dow merely did a sideways day, closing within yesterday's trading range. There is no question that the Dow needs to move sideways a few more days for its 30MA to catch up once again before it can go any further.

For now, the Dow remains in all out bull trend.