Will this pesky mini-bull market never end? Not if you believe the mainstream financial press which informs us that the long-awaited economic recovery is finally upon us, not only justifying the market’s gains thus far, but assuring us still happier days ahead. But one need only to scratch slightly below the surface to see that the “bull market” is much closer to its peak than its lows.
Stocks managed to squeeze out new highs last week, but aside from the “new highs” headline, there was nothing at all impressive about the gains. As I’ve recently discussed, waning upside momentum is flashing a danger signal and last week’s mediocre performance did nothing to quell that stance.