After declining relentlessly during the May stock rally, the iShares long Treasury fund has stopped declining.
Gold saw a big rise while a long-term bond fund resisted rumors of QE tapering.
The only thing that seems to affect the market these days is the Fed.
The market is overbought, new lows expanded, breadth has lagged and sentiment is too bullish.
Earlier surges in the S&P were accompanied by a rise in breadth, which has not happened this time.
None of the numerous negative indicators has mattered so far.
C'mon, when was the last time you heard, "Sell in May and go away"?
Despite all the chatter about the similarities between this year and that one, there are actually many differences.
While the market saw precious little selling in individual stocks today, there was quite a bit going on.
The utilities seem to have topped for now, but watch the sector index for a bounce at resistance.