Stocks are hitting resistance now, and it's about time.
The surged 40 points in just six days, hitting historic highs on Tuesday, but we've already given up most of those gains, down 30 points since the open on Wednesday. You can blame oil's drop for part of Wednesday's decline, but the market has bigger problems.
The market is pricey — the forward earnings multiple for the S&P 500 is over 17, well above the historic norm of 15 to 16.
"A lot of things have to go right for the market to keep going up," UBS' Art Cashin said. "You've got to run the table here."
What Cashin means is that traders believe the discussion needs to shift on several key issues that are moving markets: