It’s a nice change of pace to talk about something other than the stock market’s persistent uptrend getting more and more overbought. This week has brought some excitement indeed. As I said the last two weeks, it will pay to be cautious with long positions because such a market can reverse and fall quite quickly.

Bulls on Wall Street continue to call the shots and have their way. Bears who dare try to venture out of hibernation are smacked back into the cave before they’ve barely seen the light of day. The unshakably bullish action and buy-the-dip mentality has many market observers wondering if it can be sustained, given the struggling economy, moribund housing market, rising food and energy prices, skyrocketing deficit, and persistent unemployment.

The market reeked of late-day manipulation today as a last-minute push managed to get the Dow back into positive territory, but the S&P500 and Nasdaq couldn’t quite make it. The bulls have staked out their claim and won’t allow anyone to spoil their party...and they have powerful friends.