Tuesday, February 8, 2011


Another day, another gain. The Dow Jones Industrial Average closed higher for its seventh straight day today, and the other indices aren't far behind. The rise is coming on declining volume but, in this perverse market, that seems to be a positive. Breadth improved nicely during the day while retailers, regional banks and gold attracted buyers. Oil was the laggard, but selling remains quite sedate.

One day we may look back and wonder how this market could go up like it did. Right now, however, it is impossible (and extremely dangerous) to call a top in this market.

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