Since Cramer’s egregious bottom call, which was poorly timed, stocks have NOT been sold down in a big way. Commodities of every lame variety and use have shit a collective brick, and that is bullish for the market’s perception of things. I was told commodities and Fins will lead this market. Well, the bad one is going lower and the crippled one is staying put.

While there aren’t many [if any] fundamental reasons to go higher, that won’t necessarily preclude us from doing so, especially in the sectors that have worked (hand grenades). I can see us hitting 1325, but first we need 1285.

While the amount of bad news lately has been ungodly, we just haven’t been hit hard. I think that’s bullish too. What style of bad news do we need to go lower? Clearly, a huge dilution from MER, the FDIC taking over failing banks, questionable earnings, and a commodities explosion ain’t gonna do it. While there’s great cause for the market to go lower in some months time, I just don’t see it in the immediate, near future.

Using the iBC Machine as a true gauge of buying and selling strength, not simply the percentage change in the indices, it is clear buyers are still in control. Once that changes, I too will change my tune.

Stay tuned later tonight for the iBC Machine Daily Updateâ„¢.

Off to get coffee and free skateboards.

Comments welcome, but possibly scorned.