Although the Dow has set a new 52-week closing high, the market remains lethargic. This is most likely attributable to weak market internals and waning leadership.
While Clive Corcoran is still expecting higher equity prices ahead in 2011 - until and unless the EZ disintegrates - the near-term risks of a sharp correction are rising and to that extent he remains flat on exposure to US equities.
Despite the fact that the stock market indices were up it was a very choppy road. They popped at the opening, pulled back and tested support, and when that was successful they rose sharply.
If recent market action maintains form, Deron Wagner would expect to see a Dow-fueled, broad market rally soon. But given the recent pullback of the bond market into key support, a few days of consolidation or selling would not be unusual.
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