Rally Fatigue

Not only did the market do a fine job of shrugging off a very poor Chicago Purchasing Managers' report, but the action was even stronger than indicated by the indices. Although the DJIA and S&P 500 were close to flat, breadth was quite good with about 3300 gainers to 2050 decliners, and there more than 400 stocks made new highs. Apple (AAPL) was the star of the day and helped to propel the Nasdaq into the lead.

On the surface, it looks like a bull's dream market, but I've seldom encountered a market at these levels and acting so positive that it causes frustration. Sentiment is nowhere close to the euphoria you might expect when indices are running straight up to new highs, and many buyers act like they are being forced to invest at gunpoint. They really don't want to buy this market but feel they have no choice. News is irrelevant, chart patterns unimportant and entry points illogical. Unfortunately, the worst part of it is that I have been saying essentially the same thing for a while....1141 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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