“Stocks want to push higher”

Posted by Dennis Gartman

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This brief comment below from the Legendary Trader Dennis Gartman.  For subscription information for the 5 page plus Daily Gartman Letter L.C. contact – Tel: 757 238 9346 Fax: 757 238 9546 or E-mail: dennis@thegartmanletter.com or HERE to subscribe at his website

Smart men and women have thought too much about the underlying fundamentals of the economy and have missed the run higher, fighting the tape all the way up.  However, here we are, putting the yearly closing levels of our Int’l index to test.

Note then the chart of the S&P Index this page, with “The Box” that marks the 50-62% retracement of the bear run from late ’07 into early ’09. We sold into the first approach to that “Box,” and for a very short while that appeared reasonable…even wise.  But now it appears that the market wants to push upward through the top end of The Box, and we’ve no choice but to respect that move. As “Old Turkey” said in Reminiscences Of A Stock Operator, “After all, this is a bull market.”  Tape fighting makes one weary. There are far better things to do: