What is driving this market is a combination of complacency, momentum, benign news flow and probably some heavy duty "machine" action as well. Other than being extended and without rest, there just hasn't been any good reason to sell this market. One of these days we will have a catalyst for profit-taking, but when and what it might be are the billion-dollar questions.
Almost everyone is very aware that this action is unusual. Market players keep looking for some sort of top or at least a rest, and the frustration over not being able to keep up with this market keeps them doing enough buying to keep us running. The performance anxiety is tremendous and creates constant pressure to keep buying, regardless of how extended we might be.
I'd love to provide some earth-shaking insight about this market, but the truth is that we have limited choices right now. The momentum is just too strong to fight, but are market conditions too extended for us to be putting new money to work? The odds simply don't favor this rally to last that much longer, but you can suffer tremendous damage if you try to short it.
Stay tough and keep on plugging away. If you are feeling frustrated, I can assure you that you are not alone....