Once again, on Thursday the major indices finished the day near the session highs. Volume was light, but the dip buyers were right there doing their thing several times throughout the day. Cyclical sectors had some particular strength -- includding materials and financials.
The market has been seemingly building a base near highs as the trading range of the last two weeks remains. And while many folks argue that the market is extended and in need of a pull-back, the market seldom does what people expect. And a case can be made that recent churning action near the highs could actually set up for a move still higher. Time will tell.
There are no changes in our stance – the Perry Como approach, easy does it.
Be careful out there.
And don't forget about the Weekend Reading tomorrow.
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