A new SPY high thanks to encouraging comments from the FED chairman that quantitative easing is alive and well, probably well into 2014. Of course this could change tomorrow but the markets are definitely in a bullish mood.
The T6 bull model is clearly in a vested mode...all the indicators are upsslope.
BUT....the markets have come a long way quickly and strictly from a technical perspectve we're due for a little pullback before the next big run (if that's what coming).
Net result...I'm expecting a bit of momentum lag as some of the underperforming sectors try and get their traction up to speed with the high flying IWM.
XLF has been the surprising holdback and the pivot ETF to keep an eye on. A surge in this issue will likely been the signal that we are in for another leg up.