The bears keep hoping for something to serve as a catalyst to reverse this market but, so far, they are out of luck. They are even trying to spin the potential delay of the debt-ceiling issue as a negative but the market disagrees. When you are short, everything looks like a good reason for a selloff.
I suspect that when the market does reverse, it will occur intraday, after a strong open on seemingly positive news. A negative reaction to good news is when the market starts to top. All we've seen lately is a positive reaction to good news. There aren't many signs of fatigue, although upside momentum has been limited.
I'm bored with today's action. It isn't bad, but the vast majority of stocks on my screens are only making minor moves. I see very little speculative interest and it is probably due in part to the upcoming long weekend and the fact that many traders are already heading out.
The bulls are still in control and pushing. The bears keep looking for reasons why it can't continue and have been dead wrong. The reversal will come, but wait for it instead of anticipating it.