A Long Way

We have come a long way and the market seems to be faltering.  A pullback would not be all that surprising but betting on the downside is far from a layup.

• We are seeing put buying today signalling that participants are still fighting the rally.


• The two days heading into Labor Day have positive seasonality.


• We are not yet maximum overbought.

This afternoon pullback might be fueling us up for a further rally through the end of the week.