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The stock market feels long overdue for a pause

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Instead of wondering whether the market will hit new lows, bears are back to wondering what kind of (modest) pullback we should see.

Up five days in a row for the Dow Industrials, and today seems like a good day to do it. Inflation topping 10% in the U.K. is weighing on Europe, but not by much: most European indexes are down about 0.5%. Pisani's 25th Law of Broadcast Journalism says, "You know you're in trouble when your best sources call and ask YOU what's going on." I've been getting those kinds of questions lately. "Why do we keep going up, Bob?" You might call it a seller's strike.

"The size and breadth of the recent market rally seems to be more than retail buying could support on its own and suggests larger institutional activity, so we may be seeing the smart money getting into the market in size," he said. "After missing out on a good portion of this second half rally, institutions may be starting to increase their market exposure in order to make up for the returns they already missed...

 

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You mean a crash?

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