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Capitulation

Venerable market watcher Art Cashin this morning was bemoaning the lack of breadth as the stock market continues to reach new historical highs. He said he's seen no evidence of capitulation by the shorts that would drive the S&P 500 to, say, 1600.

Capitulation may be what we're beginning to see in the market today, though. The Nasdaq is up 1.67% at mid-day, the Russell 2000 is up 1.53%, with the S&P up 1.13%. Capitulation would mean a broadening of the market rise, and this would be evidence of that happening, as well as bears starting to give up and get in.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.