On your drive home tonight please take special caution about being careful to avoid all the roadkill littering the streets. That would be bear roadkill of course. Markets like this slow slog upward, giving the investors the feeling that they do not let you in are hallmark bullish traits. Indexes went out on their highs more benign behavior. The Nasdaq and S&P 500 were up .5% Thursday and the Nasdaq is looking to best its chief rival S&P 500 for a third consecutive week. Going into Friday the tech rich index is up 1.3% and the S&P 500 by 1%. It certainly is healthy to see the major averages receive some rotation into tech, giving groups like chemicals, energy and transports time to pause and regain their stamina after solid runs. Seeing better growth sectors enter the fray has to be looked at favorably too. Even breadth has been looking much better. On Wednesday for example new 52 week highs versus 52 weeks lows were 123 to 24 on the NYSE and 72 to 17 on the Nasdaq. Negativity and disbelief that the markets can continue their upward march, can keep this going on a lot longer than most think. I went to the sidelines yesterday booking good gains in some paper and rail plays, and they way things look I may have to get back in at slightly higher prices, which is fine by me. Once a position is closed you have to have fresh eyes as a trader, and if it is the same stock you were just long and you have to pay up and its the right thing to do there is nothing wrong with that. Lot of euphoria in this opening paragraph. Time for a pause in the benchmarks?
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