Yellen Gives Bulls Another Lifeline

Following the gap up open this morning, the indices have been trading in very tight ranges. The Nasdaq 100 ETF (QQQ) is at intraday highs and the S&P500 not far behind, while small caps lag. Breadth is still a very robust 5 to 1 positive and the number of new 12-month highs is expanding to nearly 400 now.

Recently the bears have been growing louder about a possible market top. The primary argument has been that a more hawkish Fed and the run-off of their huge balance sheet would be the catalyst for a correction. It is a very understandable argument and some big-name hedge fund managers think it is likely....226 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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