The indices continue to slowly inch upward, which is keeping the bears at bay. This is exactly the sort of action that has driven the shorts crazy so often. The market keeps rising without any real volume or vigor and, before you know it, it is hitting the highs again.
I'm still not convinced that it is going to work that way again, but it is foolish not to respect a pattern that has played out so often.
Don't forget the very important jobs report in Friday morning. The bar is low with expectations of just 120,000 new jobs, so a positive surprise is possible. The issue, though, is whether this news will serve as the catalyst for the next market move. Until earnings start in another week or so, there isn't much in the way of news flow. We'll continue to hear about Spain and its travails, but there isn't a whole lot out there.
I've been feeling out of sorts today and probably done more selling than is warranted. Mortgage-related names have been the best-trading group, and precious metals look OK. I have a few odds and ends, like Ixia (XXIA) and Pan American Silver (PAAS), but I've been busy raising cash and I am looking to regroup after a good run.