Once again, it was a positive week, but the action was a bit more mixed as we closed out the first quarter and started a new one. We still aren't seeing any real selling, but the momentum has slowed down and we aren't racking up the new highs as readily.
Volume was actually pretty good today, despite some thinning in the ranks for the holiday, and breadth was very solid yet again, at better than 2:1. It was oil, gold, coal, steel and the 'weak dollar' plays that led, but all the major sectors were up.
The end-of-the-quarter games and new money on the first day of the new quarter helped to maintain some upward pressure. Next week, after we digest the payroll report that comes out tomorrow, we should have a little more normal action, but we will quickly start focusing on first-quarter earnings reports.
The amazing resilience of this market is causing tremendous anxiety for traders, who would like to see a little more aggressive selling now and then, just to provide some interesting volatility. Until we are jerked around a bit and have stirred up some emotions, it just isn't going to be a very interesting trading atmosphere. Maybe earnings season will help solve that "problem"......
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