Where have all the profit takers gone?

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Pisani's market open: Stocks modestly lower

We've seen a notable breakout, but still no signs of profit taking. It's been one heck of a month for equities. Not only do we have historic highs in the S&P 500, , and Russell 2000, but every major index is up 5 percent or so.

Major Indices in February:

  • NASDAQ: up 5.7 percent
  • S&P 500: up 5.3 percent
  • Dow Industrials: up 5.1 percent
  • Russell 2000: up 5.1 percent

Not surprisingly, market breadth has been improving as well.

Given these moves up, I kept waiting Tuesday for some modest correction to materialize, particularly given the conflicting headlines on Greece. But nothing happened, and we eked out modest gains again.

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Volume wasn't strong, so buying interest wasn't particularly heavy, either.

But the lack of any profit taking is notable. There doesn't appear to be any major concern that: 1) markets are overvalued, or 2) the situations in Greece and Ukraine are any imminent threat to stocks.

This certainly would argue that the trend remains to the upside.