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Relaxed Permabear Savors a Cohiba

by Rick Ackerman

Surging stocks have us bears on the run, according to a story played prominently in Monday’s edition of The Wall Street Journal: “Investor Sentiment Is Improving, Making It Harder for Wall Street’s Pessimists to Hold Their Ground”. Oh really? We’d thought we were simply enjoying the show. It’s not as though permabears are always short the market, or that we don’t understand that stocks can sometimes veer sharply higher for no apparent reason. In fact, we trade the uptrends when they look promising (as the current one does, up to a very certain point), and we try to short every “Hidden Pivot” rally target that looks capable of producing, if not The Mother of All Tops, at least a tradable swing high that could endure for a few days. And when those trades work out well, we treat ourselves to a good cigar, or take the Missus to dinner and a show. We can wait.

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