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Market recap: Stocks continued their inexplicable march higher, with the Dow posting its first...

Market recap: Stocks continued their inexplicable march higher, with the Dow posting its first 10-day winning streak since 1996 and the S&P closing within two points of its 2007 high, as a rally in natural gas prices buoyed energy firms and weekly jobless claims unexpectedly fell. But as stocks extend gains, volume is thinning: Average trading volume this month is down ~12% Y/Y.
Comments (12)
  • bbro
    , contributor
    Comments (9597) | Send Message
     
    Oh it is explicable...but we are seeing some nice negative divergences...who wants to call the top??
    14 Mar 2013, 04:18 PM Reply Like
  • dancing diva
    , contributor
    Comments (2538) | Send Message
     
    I'm not really seeing the negative divergences for the major indices, but I do see some in individual sectors and view the market as getting overbought in the short term.

     

    What negative divergences are you seeing?
    14 Mar 2013, 04:33 PM Reply Like
  • the_value_vulture
    , contributor
    Comments (174) | Send Message
     
    Trying to time the short on this market can be hazardous to one's health. I would know since I've tried to take a stab at it a few times :(. Nevertheless, with the continual dwindling of volume and overall mixed signals given by the macroeconomic news, we might be close.
    14 Mar 2013, 04:22 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3324) | Send Message
     
    Same here, thought buying some SPY calls was smart. Never know if the future's correction will be above today's high.

     

    Thinning volume is a sign that the rally is tired, but without any bad economic news, corrections may well become buying opportunities.
    14 Mar 2013, 04:30 PM Reply Like
  • dancing diva
    , contributor
    Comments (2538) | Send Message
     
    "Inexplicable"??? You gotta be kidding me. The public isn't long, everyone is underweight stocks relative to bonds, the US data is getting better and even Washington appears it will be less of a headwind.

     

    The editors of SA have been biased bearish for years; that's been obvious by your "Editor's picks". Perhaps it's not a surprise you consider the march higher inexplicable.
    14 Mar 2013, 04:24 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3324) | Send Message
     
    That's why I like this site - it has my head so twisted that I am always pleasantly surprised rather than disappointed.
    14 Mar 2013, 04:50 PM Reply Like
  • deaklacus
    , contributor
    Comments (2) | Send Message
     
    I hope you are buying with both fists. I think this is the opportunity of a generation, if not a lifetime ...
    15 Mar 2013, 04:41 AM Reply Like
  • OptionManiac
    , contributor
    Comments (3324) | Send Message
     
    Heck no, this site has me too spooked.
    15 Mar 2013, 07:52 AM Reply Like
  • Tack
    , contributor
    Comments (13191) | Send Message
     
    Vast amounts of capital still outside equities. Flows toward equities barely started. Very modest buying volumes. Skepticism still abounds. "Euphoria" not even in the dictionary yet.

     

    Sure, we'll have a pause here, a shallow dip there, but further gains "inexplicable?" Not even close, as long as corporate numbers keep getting better.
    14 Mar 2013, 05:43 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3324) | Send Message
     
    Yeah - we have a 28 year old business engineering grad working with us, he took all his money out of the market last June. He let ideology cloud his thinking. Since he's the owner's nephew, I haven't rubbed it in.

     

    I'm sure there's plenty like him out there - nervous to get their feet wet again.
    14 Mar 2013, 06:11 PM Reply Like
  • RSI Raistlin
    , contributor
    Comments (400) | Send Message
     
    Well THAT's IT! I QUIT! lol sold everything long in my trading account today n bought just a few puts......it can't go up everyday can it?

     

    No TA involved just simply a question in my mind of who would ACTUALLY buy a stock on the 11th day after 10 straight up days. Seems the absolute definition of late to the party to me.

     

    Anyone saying there isn't euphoria isn't watching bloomberg or cnbc because every single guest on both channels is saying UP UP UP
    14 Mar 2013, 09:16 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3324) | Send Message
     
    Mr. Market will do what he wants.
    15 Mar 2013, 07:51 AM Reply Like
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