The markets may benefit from the recent upward momentum seen on
While the Dow is also climbing back toward the record highs set earlier this month, the tech-heavy Nasdaq has reached its best levels in almost two months.
"As measured by Investors Intelligence, the professional investor is widely bullish," Boockvar said. "Today, Bulls rose to 58.3 from 57.2, while Bears fell to 17.3 from 18.3. Bulls are just shy of the 3 readings seen in late December/early January, which were last seen in October '07, while bears are at 13 week lows."
Meanwhile, he added, "The new AAII read of the individual comes out tomorrow, but last week's Neutral camp was just shy of the highest since 2003, pointing to complete confusion."
A lack of major US economic data may lead to a lackluster performance in today's trading, with investors looking ahead to the release of reports on weekly jobless claims, pending home sales, and personal income and spending later in the week.
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