Never look a gift market in the mouth…

  http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=9&dy=0&id=p83750808625&a=214966864 Actually, on the contrary.  We have been crawling all over this market looking for the first signs of  the inevitable downwave.  Haven't found it yet, and after a…

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Heart medicine…

(This letter was written in December 2013) The story is told of the conquest of Mexico (a rousing good story with wonderful books by Thomas, Prescott, et al) during which…

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Tapir raises its ugly head…

  http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=9&dy=0&id=p83750808625&a=214966864 Bernanke sparks major rally, changing the context altogether.  Investors and traders have been in a state of high anxiety for months about (ta-dum) the dreaded taper, or as…

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