Fighting the tape

One of the truisms of Wall Street is not fighting the tape, and right now the tape is looking bullish.  Although I continue to have serious doubts about the longevity of this rally it's hard not to be impressed with recent market activity.  The S&P 500 is up about 30% from its March low and that is a very strong showing in such a short period of time.  Futures are looking up again this morning and stocks look headed for another winning session.  In sum, don't fight the tape, but still proceed with caution.

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