No Giddiness

The market is in a tough spot as it is hard to buy because we have risen so much, but is also hard to sell because sentiment refuses to get exuberant. Every time the market goes up, market participants start looking for a pullback. This leads to very shallow pullbacks followed by a  a grinding rally higher.

We are likely to only see shallow pullbacks until market participants get exuberant. I thought we were on the cusp of it this morning but instead of jumping on board the crowd faded the strength. All that did was refuel the bull. The correction will come when people stop looking for it.

No comments: