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Paulsen said there has been a long list of would-be bull killers, including the fiscal cliff, expectations of major bank failures and devastating municipal defaults, the European debt crisis, Grexit, and now China, oil and Brexit.
"Every day it lasts is another day the Armageddonists didn't win. It's been nothing but an Armageddon bull beating the odds every day," he said.
But the short-term question now is whether the bull is pausing to refresh or is the winter rout about to continue. Scott Redler, partner at T3Live.com, follows short-term technicals and he was cautious about the market's extremely overbought conditions at the end of last week. "The question now is where do we hold. So far this pullback isn't bad. It's been very controlled and very necessary," he said.
Ari Wald, technical analyst at Oppenheimer, said he sees trouble on the horizon for the market but it could have a better time in the second half of the year.
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"We might not have been in this bull market since May of last year. It might have ended, but having said that, by the time you realize you're not in it anymore, it's almost time for the new bull," he said. "We've been recommending clients take profits after this rally. We had been expecting countertrend strength."
Wald said he hasn't seen signs that the market can sustain its gains. "We're calling it a cyclical correction in a secular bull market," he said. Wald said he prefers tech and consumer staples, and does not like energy and commodities-related names.
"Once we see how this final leg ultimately plays out we can make the case for what the next leg looks like," he said. Wald is watching the 200-day moving average, now 2,021. "If we fail the 200 day, there's a risk we could fall to a lower low down to 1,740."
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