This mkt is so heavily shorted that the Bulls just keep squeezing the shorts on any rhyme or reason. If the newly elected Pope farts the mkts will probably run up another 100pts and the S&P might crack 1600. This mkt is soooo extended that when the rubberband breaks heaven help us all. The trend is up but everything seemed to have been baked into the price and I see a very strong resistance at 1565.
The last time congress gave a tax exemption to the corporations to repatriate their monies the corps got the tax break but did not expand here in the US and did not hire anyone. That's why congress is hesitant. Besides with Obamacare the corps feel safer to hire and do business overseas than in the US.