S&P 500 Bullidex ($ES_F $SPY $SPX)
The S&P 500 Bullidex rose 3.33% to close at 270, a new high for the year and a big positive sign for the overall market. Volatility continues to fall relative to the percentage of rising stocks, providing an increasingly advantageous environment for speculative investment.
There are tons of stocks hitting new highs, many of which carry large short positions, fueling their speedy ascent. News continues to inspire fear as sentiment remains skeptical of further upside, but the money makers will continue to scale the wall of worry.
On the other had, a small pullback may be in the works as the NYSE McClellan Oscillator fell 7.73%, a short term bearish signal. Shaking out weak holders and taking profits while trapping more bears is all part of riding the bull, so know your stops and get rid of weakness before it turns into disaster.