The market is going to claw its way higher until there are definite signs of stress. Earnings are strong and interest rates are low. Those two factors are the focal point right now. This market can continue to grind higher and it can discount this credit crisis until there is an actual failure. Once that happens, the stocks will fall dramatically.
Notice how the intra-day chart shows continued resistance and/or lack of a strong move higher on the NASDAQ. This short-term rally is getting weak and fast.
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