Kass: Are We Overbought?

This blog post originally appeared on RealMoney Silver on April 27 at 8:04 a.m. EDT.

Over the past six weeks, the U.S. stock market has shown some upside.

The equity rebound has been based on a number of salutary factors -- the most important being evidence of a stabilization of economic activity -- and a growing recognition that The Great Decesion (somewhere between a garden variety recession and The Great Depression) was not destined to morph into something worse.

The question at hand, with the current 870 level on the S&P 500, is whether the advance can drive further in the face of a number of unconventional headwinds that investors have little experience or perspective in dealing with. ...