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:
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.
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.