Stocks trade in record territory, on track for weekly gains
February 10th, 2017 by Jason B. Vanclef
Published: Feb 10, 2017 10:13 a.m. ET Marketwatch.com
BUT………
All three main stock-market indexes were on track for a third straight weekly advance.
“A rally on Wall Street on Thursday, amid the lowest volumes, was very interesting. The minute Trump mentioned “phenomenal” tax reforms, [computer trading algorithms] kicked in immediately, bidding up prices of banking stocks,” said Quincy Krosby, market strategist, at Prudential Financial.
Krosby cautioned that there some worrying signs about the current market.
“The breadth of the market is very narrow, as very few individual stocks are setting their own highs. Historically, a situation when valuations are stretched, breadth is narrow and complacency high, it sets a stage for pullbacks,” said Krosby.