| Greg Guenthner coming to you from Baltimore, MD...  The greatest bullfighter of all time, Manolete, was gored to death by a Miura bull, an event that left Spain in a state of shock in 1947. Many contemporary hedge fund managers can probably relate.
This story from hedge fund Caerus Investors' second quarter note perfectly sums up the march to new highs. Investors continue to fight the bull. But the beast has defeated every single one of them. Even the billionaires… "I don't like bonds; I don't like most stocks; I don't like private equity," billionaire bond king Bill Gross said last week, citing too much risk for too little return for his taste. The list of big-money bears doesn't stop at Gross. The vampire squids (or are they fat cats?) at Goldman Sachs told clients last week it wouldn't be a bad idea to sell stocks. Goldman analysts believe the market is stretched and investors should remain underweight equities. DoubleLine Capital's Jeff Gundlach wasn't as kind in his assessment. Gundlach implores investors to sell the house, sell the car, sell the kids… Does it get any more bearish than that? I don't care if you have $100 billion in the bank or if you're begging for nickels at the bus stop— if you're fighting the market, you're gonna get burned. Right now, stocks are surging. All of the risks folks are chirping about aren't slowing down the major averages as they sprint to new highs. Concerns over Europe, China, Turkey, earnings, or economic growth are just more bricks for the wall of worry the market continues to climb. While the talking heads on TV fear the worst, the market is singing a very different tune. Everywhere we look, we see new breakouts. Even the laggards are starting to get off the mat. Financials—a sector that remained in the red on the year until Friday—have rubbed the crust out of their eyes and joined the party… 
That's a trend I don't want to fight… Remember, stocks don't need anyone's approval to march higher. The market will do whatever it wants, whenever it wants. We've heard our fair share of bearish opinions lately. Everyone and their Aunt Alice is still terrified since market's slide earlier this year. Bake in a little geopolitical strife and you have a recipe for a lot of distrust in the S&P's march to new highs. Mr. Market doesn't care. The stock market doesn't give a hoot what you think. It doesn't care what anyone thinks. That includes the likes of Bill Gross and Jeff Gundlach. Too many people waste their time and energy talking about what the stock market should do, instead of focusing on what it actually does. If that's not insanity, tell me what is. None of us can make the stock market magically turn into a logical, rational creature. So you have a choice… Go blue in the face trying to convince a completely irrational market to behave the way you think it should. Or accept it for what it is. Watch the signals it fires off each day – however irrational – and follow them to profit. Sincerely, Greg Guenthner [Ed. Note: Send your feedback here: rude@agorafinancial.com -- and follow me on Twitter: @GregGuenthner] | 
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Keep a civil tongue.