Market strength not letting off steam

7/22

The market has been going up almost everyday for the past 10 days without any pullback. This reminds me of the times earlier in the year when the market was going down and wouldn't let up.

Its wonderful if you're trading with the trend, but I'm not. I'm a contrarian going against the tide. It may be due to the type of strategies I employ. I'm selling credit spreads and doing OTM calendars mostly.

I waited to get short, but I was too early. Given this extremely long slow grind up, my shorts are hurting.

Larry Pesavento has been calling for a market shift due to the longest solar eclipse of the 21st century. Today should be the day if the shift is to come. So far it doesn't look the weakness doesn't look likely. The markets are mostly flat as of midday.

I would expect some kind of pullback, we can't grind up higher everyday. If we come back down will the fall be hard and strong? There isn't anything economically or earnings related that might change the market direction. Second quarter earnings have been beating estimates.

What could be the catalyst to change the markets around?