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As expected, stocks remained under pressure Thursday with a quick breach of 1500. This test was quickly rejected with the S&P ending the session at 1502.42.
I have to admit that the number of excuses for the market to sell off has increased. I say "excuses" because there are many more logical reasons for the market to go higher. But, as we all know, stocks never make a straight line from the bottom to the top.
Plain and simple, the long term bullish trend will remain intact until there are greater odds of a looming recession. Or until stocks become overvalued. Neither is a real concern right now. Not even with the government cost cuts from the sequester going through post March 1st.
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