Monday could be remembered as a key day for stocks. The S&P 500 traded back above the psychologically important 900 level for the first time since early January.
And the S&P 500 ended Monday positive for the year. The index has now gained more than 33 percent since hitting a 12-year closing low on March 9.
Is this an early sign of a bull or a late sign of a bubble?
We’ve been looking for 900 on the S&P and now we’ve got it, says the Negotiator. But I don’t think the rally continues at this rate. I’m not saying go out and short the market, just that the rally feels a little old.
I’m not sure what to think, muses the Chairwoman. Certainly, there are a lot of investors on the sidelines and now that the S&P is positive for the year, they could pile in. It’s one thing to be out when the market is negative and another when it’s positive on the year.
I’m very excited by the action, adds the Ambassador. I expect to see more investors pile in all around the world on Tuesday.
In momentum markets like this, investors should watch out for pullbacks, counsels the Academic. Be especially careful about where you get in. We’re not going to go up 2% every day. For the long term, investors should be in this market, but in the near term be careful about when and how.
I’ve said it before, but I still think there are trillions of dollars sitting on the sidelines that are about to come into this market and if and when that happens, it should chase the S&P higher, muses the Liquidator. I’m keeping an eye on two events this week, he adds, unemployment figures and the results of the stress tests. If they’re not bearish I think we could see price action well north of 900 in the S&P.
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CNBC.com with wires