|The Nasdaq continues to churn at 52-week highs as it struggles to make any upward progress at current levels. Perhaps the market is resting before the bulls push prices into a parabolic move upward and finally finish with a blow off top. Or perhaps the bulls have become exhausted at last and the bears can sell the market with authority.|
The market itself is somewhat schizophrenic as the bulls were slaughtered on Monday and into Tuesday morning. Then it was the bears turn as they were slaughtered all the way into Friday morning when the Nasdaq gapped open to a new 52-week high. But the schizophrenic market was not quite finished as the Nasdaq reversed course on Friday to close for a loss.
One can imagine that after the past week, market participants may feel a bit like Mr. Harding:
"I'm talking about form. I'm talking about content. I'm talking about interrelationships. I'm talking about God, the Devil, hell, heaven! Do you understand finally?!"