Performance Anxiety Abounds
It is extremely quiet as we are in the midst of the peak vacation season on Wall Street. Trading has been quite slow lately, but it hasn't hurt the bulls at all as we continue to walk up with little fear or worry. The SPDR S&P 500 (SPY) has been up for 10 of the last 11 days on very light volume. There has been no real worry or concern recently and there are many key stocks, including Apple (AAPL) and Google (GOOG), are breaking higher.
As I discussed last week, it is very important to keep in mind that markets that act like this may seem extended and overdue for a correction, but they tend to be sticky to the upside. The market usually won't just suddenly roll over and fall apart when we see a run like this. A big reason for that is that this sort of lopsided action tends to create a supply of dip-buyers who provide very strong support. When the market goes straight up, they do not get any easy entries. So when it does pull back, they rush in quickly so that they don't miss out again....182 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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