Market Insider

Traders wary as market hits fresh highs, Dow 20K nears

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Will tech propel the market to Dow 20K?

As the weekend approaches, the celebrates another new high and traders are afraid to get in the way of a steamroller market even as many stocks seem to be pricey.

"At this point the market is getting harder to buy, but very painful for shorts as most targets have been met or exceeded before it was supposed to happen in a Santa Claus rally, near Christmas. It makes it a very tricky time for traders. Even the most bullish traders don't want to feel like they're chasing it now. The worst thing you could do is revenge the rally, which is if you sold early, start shorting. I talked to a lot of traders who shorted the Russell," said Scott Redler, partner at T3Live.com.

The Dow closed up 65 points Thursday, at 19,614, in its 19th gain in 23 sessions, and its 13th new high since Election Day. The Nasdaq, and also all set record closing highs. The S&P ended up 4 at 2,246. The S&P financial sector rose nearly 1 percent, leading Thursday's gain, to end at its highest level since December 2007. In the past month alone, the sector is up 30 percent.