Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
While there does not seem to be ‘euphoria’ in the air, the market is stretched by many secondary indicators. But it was last week as well, and trooped on. After gapping up to start the day and breaking over those October highs, we have not reversed back down to a level just at or slightly below the highs of last week and withing a rounding error of the late October top. Obviously this complicates the happy go lucky sing song moment of this morning. As always the close is more important than intraday action so we’ll see what it brings.
I will note the strongest sector of this market since October – housing – is working on its 3rd day in a row of weakness.
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