DJIA Surging to Another All-Time High, Approching 12,000, on "Goldilocks" Fed Beige Book and Strong Earnings

BOTTOM LINE: The Portfolio is higher into the final hour on gains in my Medical longs, Computer longs and Retail longs. I have not traded today, thus leaving the Portfolio 100% net long. The tone of the market is very positive as the advance/decline line is substantially higher, every sector is rising and volume is about average. Yesterday, the vast majority of headlines in the U.S. media were overwhelmingly negative. Today, another DJIA all-time high. The magnitude of the negativity bubble is such that I sense many bears don't even realize how complacent they have become. It is just assumed that U.S. stocks can't go higher and that there is no serious rationale behind any positive argument. I continue to believe we are in the middle of a substantial move higher in the major averages. DJIA 12,000 should give way over the next few weeks with relative ease. I expect US stocks to trade mixed-to-higher into the close from current levels on short-covering, investment manager performance anxiety and stabilizing long rates.