Into The Stretch: Stocks Resilient Again Despite Record Oil Prices

This market has shown amazing resilience in its ability to shake off declines this week, and continue to rise despite oil making record highs.

The S&P has made up all of its earlier losses, and the Nazz is trying to make it 5 straight up days in a row.

Oil and gold are still up, while the dollar is down. The 10-year yield has bounced some, and is currently 3.85%.

The put/call ratio is around average at 0.91, and has been slightly low all week. This is one the the concerns I sighted for a market that looks like it might need a little breather. Also, the VIX is back down to 16.50, a level that marks a fair amount of complacency has crept back into the market.

Offsetting this is what I beleive to be a lot of investors with too much cash on the sideline, and looking to use any little pullback to get more invested. Also, there are a lot of shorts who probably begin to salivate with each small decline, only to become disheartened and cover when the market fails to follow-through and rebounds higher.

Tough market.