The Bulls Keep Running
After today's action, even the bulls are growing a weary of this lopsided market. It has been slowly inching up since the big gap to start the new year, and the pace of the advance gained momentum today. The persistence of the buyers is impressive.
We simply have not looked back since the big move on the fiscal-cliff deal. There have been very minor pullbacks, but the upside move has been slow enough to prevent the market from being dramatically overbought. It is still in good shape technically, although the bears are complaining loud and long about complacency. I heard quite a few traders express disappointment today with the action on their screens. They felt they weren't keeping up with the indices and weren't happy with the action in individual holdings. Whatever drove the indices today wasn't in the portfolios of the traders I talked with....161 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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