This Market Is Taking Bullet After Bullet And Still Looking Absurdly Strong

The strength of this market is kind of shocking.

Let’s consider some of the bullets being fired right now:

  • Cisco laid a major egg of an earnings report, highlighting in particular damage from the weak public sector.
  • Disney missed earnings expectations yesterday.
  • The US has a Fed chief that frequently gets compared to Bernie Madoff.
  • Europe is in full-blown crisis mode again, and thus there are fears of contagion from weakening banks.
  • China has been tightening all week, and last night it crashed over 5%.
  • The dollar is strengthening.
  • The election presages a period of austerity, and some in the new GOP majority are even talking about not raising the debt ceiling.

We could go on.

And yes, the market has fallen a bit this week, but barely. Check out the run since the end of August in the S&P, and look how modestly the decline has been.

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