The blogosphere has reached near all time bearishness.  The world’s economies appear to be melting down in unison.   There is plenty of fuel to feed the bearish wild fires, yet today the bulls might have just lit the touch paper for the bullish explosion that could last for a decade or more.  There have been several of us that have persevered on the bullish front, Pug, Tony C and myself have continued to argue the case that the US markets have all the signs and indications of a bull market.  While we recognize the possibility of a near term correction, our intermediate to longer term view is that the US market will make new highs.  And, today I believe even the relatively remote possibility of a near term bearish scenario, was dealt a serious blow with the announcement of pragmatic, highly intelligent and articulate Paul Ryan as Mitt Romney’s running mate.  I believe the markets will reward the promise of fiscal accountability and the increasing likelihood of a Romney victory with the wave iii surge suggested by our primary count.  

The combination of short interest and cash on the sidelines is ample fuel to push the market to 1500 over the coming months.  Of course this is conjecture on my part, admittedly biased conjecture at that, I’m a huge Paul Ryan fan.  The markets will give their  verdict over the coming weeks and months.