So Many Reasons for a Pullback

 | Oct 11, 2011 | 2:10 PM EDT  | Comments
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The indices are around flat and it is painfully slow out there.

We are too extended and in need of a rest to support much buying, but we are holding up well enough to make the bears fear that they will be squeezed again.  In addition, we could see news out of Europe at any time about the vote in Slovakia and that is keeping the bears in check as well.

Breadth is running slightly positive, but volume is very light again. We have a lot of very random movement and no particular themes of interest.

Given the number of big spikes we have had in the last hour of trading recently you have to wonder if the programmers are going to plug in their "never short a dull market" algorithm and try to gun us up again as the day winds down.  We are actually seeing a bit of a spike as I write, so maybe the computers are already at work.

There are many very good and very obvious reasons why this market should pull back at this point. Perhaps the fact that it is so obvious and so many folks are anticipating it is why it isn't happening.

If they gun us up again in the final hours of trading there is going to be some very load howls of pain from the bears. But this market has been on a mission to keep anyone who is looking for weakness very uncomfortable.

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