Stocks in general have been trading near their highs but volume has been a real obstacle to move prices higher. It may still be early but it looks to me as if we will see an attempt to take Dow above 9,450.
The equity market is still undecided about the overall trend of stocks. All in all the earnings so far have not been well received by investors and it looks as if stocks have to come down in price to attract investors.
Valuations are very high for the current economic climate or indeed even a prosperous climate. So it looks like what we are dealing with here is a bear market rally.