Bears are fucked.
First, really really good economic data came out today, again.
Second, Goldman raised their GDP estimate to 2.7% for 2011. (Which should mean the 10yr yield trades around 3.7ish. IMO, further enforcing my thesis that with a 10yr above 3 will bring an SP500 w/a more normalized PE. Which means IBM is disturbingly inexpensive.)
Third, today's move was technically nice. The really really nice economic data allowed for the SP500 to melt through multiple SMA's. (These SMA's were giving many many wall street chartists heart burn, but no heart burn from this pseudo chartist/fundies whore ;)
PS: Don't get me wrong, if you would like to take profits, take them. But my thesis is very much in tact. (fundies, technicals)