Commodity inflation is surging. Political tensions are mounting. Investor sentiment in the U.S. is running at near-record levels, a bearish indicator if ever there was one.

Who cares? We’ve got a bullish Super Bowl Indicator. This measure—which holds that a win by an old-school NFL franchise over one from the former AFL is bullish, while the opposite outcome is bearish—normally has market mavens on the edge of their seats. Not this year. This time, it’s loaded dice. Everybody’s dealt a flush. Even the suckers can’t lose.

Both the Packers of Green Bay and the Steelers of Pittsburgh trace their lineage to the bronze age of the National Football League, bless their occasionally concussed heads. We can predict the outcome before the refs even flip the coin: The bulls emerge triumphant. Rah! Stocks, now at 31-month highs by some measures, could shoot still higher.

Yes, there will be some obstacles. Bulls will charge out of the stadium only to face a wall of worry. Commodity inflation is seemingly unabated. Cotton prices have jumped 20% in the past month alone. Wheat is up 9% in that time; pork bellies, 21%. The results of inflation like that can’t be pretty.

Partly in response to soaring food prices, civil unrest has swollen in Egypt and beyond. But somehow, U.S. stocks keep climbing, hurdling the wall with room to spare. The Dow Jones Industrial Average popped 2.3% last week, to 12,092, its highest close since the pre-crisis days of June of 2008. The Standard & Poor’s closed Friday at 1310.87 for its best week in two months. The Nasdaq Composite advanced 3%, ending at 2769.

“Technicians will tell you we’re due for a correction, but from a valuation standpoint, we’ve got room to run,” says Philip Orlando, chief equity strategist at Federated Investors, which has $350 billion of assets under management.

Bullish sentiment, as measured by the American Association of Individual Investors, has been above its historic average for 22 consecutive weeks, the second-longest stretch ever. Though trading volume has been thin lately, that may not last for long. Thomas Lee, equity strategist at JPMorgan, thinks most investors are waiting for a dip in the market in order to put new money to work.

Lee points out that while inflation in agricultural commodities is a global headwind, it’s less so in the U.S., where the overwhelming portion of food-price increases—perhaps as much as 96%—stems from factors such as labor, packaging and merchandising, rather than raw-materials costs.

So rather than worry about commodities costs, the market has simply rejoiced in raw- materials stocks. Weyerhaeuser (ticker: WY) is up 25% year to date; Marathon Oil (MRO), 24%. In just the past week, materials and energy stocks as a group have jumped nearly 5%, says research shop Capital IQ.

To be sure, some things did make the bulls grimace last week, prominent among them the state of the labor market. Jobs growth for January, according to the nonfarm payrolls report released Friday, amounted to just 36,000, fully 100,000 fewer than economists—those notably reliable forecasters—had anticipated. But many bulls chalked that up to little more than the weather, and suggested that ensuing readings will show more strength.

Perhaps most remarkable is how unfazed the market has seemed to be by the violence in Egypt. It’s been little more than a distraction.

”Look, if there’s some geopolitical developments that make us nervous, we might take some chips off the table,” Orlando says. But right now, his firm is about 12% overweight in equities, and he reports having a smile on his face “as the market continues to grind higher” (Source: Barrons Online).