Today is another example of what I am referring to when saying problems under the hood. So we have a seemingly strong up day in tech, but yet advancing and declining stocks in the nasdaq are about even and advancing volume is only 54%. There is a lot of distribution occurring right at this level of the previous highs. That doesn't mean the market can't work through that selling. That is exactly what is happening right now. It's a matter of who gets exhausted first. Because the market has been so stubbornly bullish I think you have to be open to the idea that we break through yet again to a new range. SPX ~4300
We have now had three separate rallies that people strongly felt would be the "top" of this run prior to a stronger correction. I have been saying since the spring that I just don't see us pushing past 4300 without more time or pullback to correct. My year end target remains 4500-4600 which sometimes to me feels far away but as of today is only about 7% away.
