Off the Charts
We feel like a broken record, but the market continues its methodical climb. Call it a stair-step, call it an escalator, but any way you slice it, the market just continues to grind higher. Many are waiting for a potential pullback, but the market isn't giving it to them. The Dow is quickly approaching the psychological level of 1400 and the S&P (SPY) remains above 1500 as both indices climbed 0.5% on the day. The Nasdaq closed with marginal losses near the flat line.
There has been a stealth rally in the S&P so far in 2013 as the index has currently rallied more than 5.5% in January. Many are perplexed at this recent rally as the speed and trajectory have been different from those we have seen in the past. The intra-day momentum has been lackluster overall, and very stock specific on a day-to-day basis. Swing traders enjoy this type of action more than active traders do....747 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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