Last Man Standing

Here's an hourly chart of the QQQQ, showing this really impressive rally off of multi-year lows:



I was listening to my guru, Gary Kaltbaum, and even *he* is starting to get bullish, upon which I just turned off the podcast (maybe there was a little sense at the end of the broadcast which I didn't catch...but meh)

Am I the last bearish guy now?

There's still some bearish mojo in the works. The Euro and the Pound got TRASHED at 3 am EST. Luckily I went short yesterday.





Dollar strength does not bode well for the Fed's reflation efforts.

Oil is looking very toppy:



In spite of Bernanke's plans to the contrary, the 10-year Treasuries hardly look this they're ready to blast to new highs:



So my take? Equity prices are prone to getting ahead of themselves, because they're bid up/down by fear/greed driven morons. For the me the most telling gauge of this rally strength is watching bonds, watching the US dollar, and watching commodities.

If the dollar rallies and commodities start to turn down meaningfully, that means the Fed driven reflation is failing and all the happy bullish people need to watch their collective buttocks.