Stocks End Week on a High Note, But They're Hardly Bulletproof Here
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Hello folks. As expected, today's (Thursday's) action was on the lethargic side, though we ended up getting the bullishness I was hoping we
wouldn't get. Now we're going to come back from the long weekend with stocks a
little overbought, and a
lot of traders waiting on the sidelines for the proverbial "other guy" to make the first move. Had we pulled back a little bit today, we probably would have come back at the beginning of next with either the bulls taking a convincing hold right off the bat or the bears taking a convincing hold right off the bat. Now all we have is a market on the fence.
Our usual chart of the S&P 500 illustrates all of this. The index put a little more distance between itself and its two key short-term moving average lines, but it was a half-hearted effort. On the other hand, the volume behind today's forward push was not only strong, but it was very high considering this was the last day before a long weekend.