Which Comes First: Pullback vs. New New Highs?

Starting in July, it was easy being bearish as our politicans were making a mess of the debt cieling debate. The European debt crisis was raging out of control. And US economic data gave strong indications of moving towards a recession. With that the market got as low as 1100 on the S&P.

From those lows the market has rallied over 20%. US economic data is only getting stronger. And even news out of Europe is turning more positive.

Those betting on a pullback of late have been steam rolled by this market. Certainly there is one around the corner, but when???

We are now just 2% away from the past highs at 1370. Which scenario do you see playing out from here?:

1) We have a pullback before we make those old highs.

2) We reach those old highs and then have a pullback.

3) We blow through those old highs on the way to higher highs before the next pullback.

Let your voice be heard in the comments section below!

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