Welcome to the grind.
Don’t call it a dull market, but a failure to see a sustained move up or down by major indexes may have impatient investors banging their heads against the wall.
“It’s a function of the trading range that has effectively characterized the major indices for…several months,” said market technician Katie Stockton, in a Friday phone interview. “It has been a week of a grind,” said Tom Lee, co-founder of Fundstrat Global Advisers, in a Friday note. “It wouldn’t necessarily mean we’ve launched into a one- or two-year bull cycle, but it would certainly improve the outlook for the next several months,” she said, and could be a counterweight to weak seasonals that begin in May.
“It has likely required quite a bit of buying power just to keep stocks propped up over the past few months amidst the fundamental headwinds, so perhaps the bulls are, indeed, exhausted and need to catch their breath,” he wrote.
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