Prices are always highest when there is the least amount of perceived uncertainty. With the bulk of earnings being positive and out of the way, the Euro stress test going off without a hitch, and fears of European meltdown diminished, we are over 1110. At 1110, a lot of clarity, or "lack of uncertainty" is priced in.
I don't think this is the top of this intermediate move, but we are very overbought on most technical metrics so I am looking for a technical pullback. I don't think the pullback will last long because it seems like this bull train left without many passengers on board.
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