Stocks have largely ignored to tradition of selling off in May and keeping a light portfolio for summer. The markets continue to move higher even though some traders like Keith Bliss of Cuttone & Co. see warning signs in the economic reports coming out. Today's U.S. durable goods was higher, but Bliss points out that it was mostly due to defense spending. The Case-Shiller index showed home prices continuing to rise, but Bliss notes that the growth is slowing. He believes that some money managers had waited for a pullback that hasn't happened, so they are buying stocks now.

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