The market continues to chug along. Rather than pulling back in any material way, it churns sideways and then step ladders up. The only exception to this was that breakdown 2 weeks ago - which of course led to a light volume, V shaped rally which have been the trademark of rallies the past 3 years. After breakout of over the 1380 level, marking 2011 highs, the market hit the next marker – 1404 (a weekly high from 2008) and has been hovering around that level the past few sessions. Things are so strong, the market is not pulling back to the 10 day moving average, but marking time until it 'catches up' with the index itself.
I saw on another blog the QQQ ETF is up for 11 weeks in a row; the first time that has happened since the 1999 bubble. It remains a very atypical type of environment.
Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund's holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog