Looking For A Pullback

The Dow closed higher yesterday, making it the 24th up session out of the last 27. That's quite a streak, and has not occurred since 1927. But the market is not heavily overbought. So while it could certainly pullback at any time, the pullback could again be short and shallow.

Traders are locking in profits this morning, as the market has opened on a weak note. HPQ raised guidance , helping that stock buck the weakness. And more M&A in the steel sector, as MT makes a bid for AKS.

Asian markets were down a little overnight. The 10-year yield is breaking below its 50-day to 4.62%. And oil is roughly flat today, trading near $61.50.

I have raised some cash in my portfolios, and would welcome a pullback to put some of it back to work. Abby Joseph Cohen raised her full year target for the S&P 500 to 1600, but I still expect those levels to be exceeded.