Updated from 7:20 p.m. EST to include analyst comment on Apple.
NEW YORK (TheStreet) -- It wasn't the improvement in initial jobless claims or the growing likelihood that Greece will get another round of bailout money and stave off default that drove the stocks higher this week.
And no, it wasn't Jeremy Lin either. Rather it was the so-called dumb money, according to Mark Arbeter, chief technical strategist at S&P Capital IQ, who was calling for a timeout for this rally a week ago. The bullishness just got to be too much to resist.
"In recent weeks, bulls have come out of the woodwork, and, in our view, they are catching the end of the current rally," Arbeter said in commentary on Friday. "Sentiment, price momentum and market internals have been pushed to extreme overbought levels, as the dumb money rushes in and the smart money distributes stock on price strength."
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