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We have witnessed a long, steady grind higher since 2012 began.
It was more of the same this week. The low volume grind shows little conviction, but continues to amaze even the most bullish of market participants.
Because we have only seen a daily pullback of 0.73% since the year began. That’s right, 33 days without a 1% pullback. That is the 13th longest streak since 1928.
The Nasdaq has been the leader among the benchmarks as it has advanced over 13% since the beginning of the year. Of course, with Apple making up roughly 20% of the Nasdaq 100 index, it is no surprise to see such a huge return in such a short period of time.
When the largest company in the world, with a market cap almost $100 billion more than the second largest company in the world Exxon, gains 25% in barely a month you should expect to see a rise in the indexes.