NEW YORK (TheStreet) -- Friday ended the trading week with a bang. The S&P 500 has been up 10 out of the last 12 trading days. One all-time high after another. Is the any stopping this runaway market? Will it ever come down?
I am being facetious. The S&P 500 closed up 8.98 points at 1949.44 while the DJIA finished higher at 16924, up 88.17 points. The Nasdaq was up 25.17 at 4321.40 while the Russell 2000 index closed up 11.27 points at 1165.21.
Is there any short hedge funds out there that have not covered their short positions? It appears that we are getting very close to the top. Capitulation of these short hedge funds seems to be near. What else would be driving this market higher? It is certainly not the fundamentals of the economy. Although, most Wall Street pundits would want you to believe that.
An interesting bit of information is the housing market. April existing home sales by region shows the Northeast down 6.3%, the Midwest down 9.6%, the South down3.5%, and the West down 10%. These are year over year percentages. So housing is certainly not in a bullish state.
Existing homes inventory ramped up 16% in April versus March. The Federal Reserve trying to reflate a bubble is just not working.
The (VIX.X) closed at 10.73. It has never closed below 10 in history.
The Fear/Greed Index closed at 86 on Friday, up 35 points in one week. This is a contrary indicator that is showing extreme greed.