The market has been on a seemingly autopilot path for months on end; aside from a hiccup due to sovereign debt issues in Ireland, there has been no respite for bears since late August when Bernanke added "pushing asset prices up" as the third mandate of the Federal Reserve. Almost no economic news has mattered since investors believe the Bernanke Put is in play and whatever the data, the Fed stands behind the market.
Indeed, aside from 8 sessions in November, we've seen extraordinary strength with the S&P 500 closing above the 13-day moving average throughout the rally. Even Friday's weaker than expected GDP and some disappointing earning reports by bellweather companies (following Thursday's spike in weekly unemployment claims) were completely ignored as the market started the day in the green.
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