by Martin Armstrong
In the short-term, we still have the risk of a modest correction. There is typically the false move before the breakout. There is little question that there has been low volume over the past couple of years with light on up days and higher volume on down days. This has been the constant attempts to short the market that causes the grinding rally. The retail speculators who are the typical buy high sell low crowd are still absent. This seems to be caused by the perpetual bearishness among the retail “advisers” and the typical mainstream press.
Yes, there has been the company repurchases, but even this has not sparked a lot of piggy-backing one expects in a bull market. Then there is the foreign central banks that have been active buyers pushing the market higher just trying to diversify. Therein lies a WARNING. Why are central banks buying stocks?