Full Speed Ahead for Stocks?


The great market trifecta ended Thursday with slight losses that continued Friday.

On Wednesday, the Dow Jones Industrial Average, Standard & Poor’s 500 index, and Nasdaq Composite index hit record highs for the fifth consecutive day—the first time that’s happened since 1992.

But on Thursday, only the Dow continued its streak. The S&P and Nasdaq were off by less than 1/10th of one percent. (Only the Nasdaq rose Friday.) All three of them, and the Russell 2000 small-cap index, are still near all-time closing highs.

The complacency I wrote about last week has abated a bit as the CBOE S&P 500 Volatility Index—the VIX—rose about  10% from last Friday’s ten-year low. But it still is below 12. And three leading indicators of institutional sentiment—Market Vane, the Consensus Bullish Sentiment index, and Investors Intelligence—are all near their highest readings for this bull market.

So, it’s a good time to sell, right?

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