Uncharted Territory

Look out on the street now
The party's just beginning
The music's playing
A celebration's starting
--DeBarge

The S&P 500 has joined the Nasdaq Composite in marking all-time highs. The Dow remains a couple hundred pts away from its high water mark set back in January.

Volumes have been trending lower. While buyers do not seem very enthusiastic, selling pressure is virtually non-existent.

Market participants are having trouble imagining what could possibly burn the market playhouse down. This, of course, is bearish in the end.

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