- While many of us have been expecting a correction or pullback, the market continues to race ahead. Yesterday, we closed at an all-time closing high on the SP500 and we're tacking on additional gains today. The market loves to climb a wall of worry, and there are some skeptical investors out there. Short Sales Break Record on NYSE.
The amount of shorting -- where traders sell borrowed stocks expecting to buy them back after prices fall -- jumped to 3.1 percent of the total shares listed on the New York Stock Exchange this month. That's the highest since at least 1931, according to Bespoke Investment Group LLC, a research firm in Mamaroneck, New York.
- It's interesting. You'd think at all-time highs, we'd see extreme optimism. We're getting the opposite! Does this mean we can continue higher? Will this fuel the bull market into the summer as the shorts tire of taking losses day after day? It seems like the rally has lasted longer than most thought it would, and continues to advance no matter if we're in the "favorable" season or not.
- Speaking of favorable season, this is the sweet spot in the month where monthly checks are issued and retirement funds are dollar-cost averaged into mutual funds.
- Nothing but blue skies, right?
- Right? I remain conservatively positioned. Nothing has changed for me, and I'm still thinking that we're due for a correction this summer...