It's a Buddy Kane Type of Market

Bulls are running again this afternoon, as perhaps too many market players are either betting on or fearful of a large fade at obvious resistance on the indices for it to actually materialize...at least right away. 

Belw the surface, I am seeing quite a few short squeeze and breakouts from technical bases, across many sectors, which has to be spooking bears who have been aggressively building positions in anticipation of a rollover. 

Instead, bulls are listening to Peter Gallagher's character, Buddy Kane, from American Beauty (1999), when he uttered his famous axiom that, "In order to be successful, one must project an image of success at all times." Indeed, for the last few weeks bulls sure seem to be projecting that image. 

And if you are familiar with that film, then you know right now bulls are playing the part of Mr. Kane, having a fling with Annette Bening, while bears are essentially Kevin Spacey's character before he underwent his metamorphosis later in the film--The issue is still when and how bears will undergo the same transformation, if at all. 

Speaking of real estate "King" Buddy Kane, I scaled part of a Zillow long inside Market Chess Subscription Services earlier today into strength. Bulls may have more to run, but I will not become sloppy especially as we are still below prior highs on the S&P and a fresh breakout has not yet been confirmed.