I didn't know that already? Fed Yellen made sure she reminded us today of this reality. A bad economy means no rate hikes and a good means there will be. I'm glad I understand things better now. So if we get a bad GDP, possibly even a negative one next week, the market will love it? It just may work out that way. It almost seems as if the bulls can't lose. A good number means things are getting better so let's celebrate that with some upside action.

A bad number means no rate hikes for a while longer so let's celebrate that. Is there anything they won't celebrate? The reality is the market is still grinding but the Fed is finding a way to keep the selling muted for now. The bulls are pretty much all in, so it's hard to get a blast up from here, but she's making sure we don't fall very much if at all. When today was all said and done the bears have no reason to smile. They aren't dead and buried, yet, as we all know too well since we can't seem to fully blast out, but they're not a happy bunch. Blame it on the fed as they say.

We don't have to understand why the market is behaving such as it against all odds from froth to awful weekly and monthly charts. The key to the game is to not get emotional to a point where it takes over your decisions. The "should be" vs the "what is" syndrome. Play what it is not what you believe it should be. That won't serve your trading portfolio.

There is nothing to be gained by anyone to think the trend isn't higher overall. Maybe not the type of up we'd like due to it being more of a grinding situation, but shorting this environment hasn't worked. Don't wish or anticipate a new direction. Let the market prove it. To begin with, and this is just a beginning, not bearish, we need the S&P 500 to lose 2119 with force. We haven't even accomplished that yet, so for now keep it simple. Staying long overall while buying weakness.

Have a great weekend everyone!

Peace,

Jack

Jack Steiman is author of SwingTradeOnline.com ( www.swingtradeonline.com ). Former columnist for TheStreet.com, Jack is renowned for calling major shifts in the market, including the market bottom in mid-2002 and the market top in October 2007.

Mr. Steiman's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Steiman's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.

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