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(5/3/14)
The market is rather fragmented at the moment as the S&P 500
has risen back to near its all time high while the Nasdaq remains well below its
all time high.  The
current market environment is somewhat similar to what occurred from late 1999
into 2000. Back then the Dow peaked in late 1999 (point A) while the
S&P 500 was able to make one more higher high by March of 2000 (points B to
C). Thus it's certainly possible we could continue to see a divergence in
the major indices for a few more months as some indices make new highs while
others don't. 
Finally
the S&P 500 continues to exhibit a narrowing upward channel using a log
scale. So far it has held support along the lower end of the channel
however a break below it would signal a change in longer term direction. 
Amateur Investors
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