Tweet *****A while back I mentioned that I thought the $SPX is again the leading indicator of the markets. Today it broke out to a new high whereas the $DJIA is lagging behind.
The $DJIA has only 30 stocks which reflect the overall market and of those most have already enjoyed higher highs. Now that more enthusiasm has entered the markets, there is more money coming in looking for opportunity which can be found in the S&P 500, so momentum can be stronger and highs reached faster.
Next step is watching for overheating, in my opinion, along with summer temperatures. Remember, it is now May and many may still go away as soon as earnings reports slow down. Summer heat is no place for a meltdown, so keep your cool, eat an ice cream and enjoy it while it lasts.
Happy May Day Trading, Living and Dancing around the Maypole
The Daily Pick - $SPX _$DJIA $NDX
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