NEW YORK ( TheStreet) -- The solid start for U.S. equities in 2013 is surprising given overvalued fundaments. Even with this near term market strength, my theme for 2013 remains that stocks are a risky asset class. If the Dow Jones Industrial Average ends this week above my quarterly risky level at 13,668 the upside technical momentum continues as stocks become even more overvalued fundamentally and more overbought technically.
A warning that stocks have achieved significant highs requires the Dow transportation average to have a weekly close below its annual pivot at 5469. This is highly unlikely to occur today, as Thursday's close was the third consecutive all-time high.
On Wednesday, I wrote,
On Thursday, I wrote,
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV