THURSDAY 7/16/15; ECB Rate Decision and President Draghi Press Conference; Greece Requires Short Term Funding; C; GS; BX; KEY; PM; UNH; SHW; Philly Fed; US Domestic Terrorism Shooting; Fed Chair Yellen Speaks to Senate; COMPQ All-Time Record High; AMD; GOOGL; SLB

In early trading, Asian and Aussie indexes are higher across the board. NIKK +0.6%. Toshiba drops -2% on news that executives are resigning due to the ongoing accounting scandal. The SPASX200 is up +0.9% teasing towards 5700. KOSPI +0.1%. Steelmaker Posco follows the negativity in US steel stocks yesterday dropping 















[Text is Redacted: Purchase July 2015-07 to Read the Complete Chronology]

Dennis Gartman of the “Gartman Letter” is bullish on stocks and says anyone shorting the global stock market is making a “fool of themselves as equities continue to rally.” Gartman says smart people are trying to short the stock market due to overvaluation but “the market keeps moving higher.” Gartman stands on a soap box and proclaims, ”It is still a bull market and if you try to sell it, if you get out of it, especially if you try to go short of it, you make a fool of yourself.” Gartman’s words are reminiscent of economist Irving Fisher’s words in 1929 when he proclaimed, “Stocks have reached a permanently high plateau.” Fisher made this remark exactly at the top in the stock market before the 1929 crash that led to the Great Depression.