The Force has been strong in this market (yes, I did just go see the latest Star Wars movie), and new highs have been the order of the day once the headwinds presented by the short-term Iran Crisis blew over. That all sent the NASDAQ Composite Index and the other major market indexes to all-time highs on Thursday.
On Friday, the indexes ran out of gas as they reversed from new-high price territory to close in the red. At this point, the market is quite extended on the upside, so a pullback would not be surprising, especially when we consider how extended the stocks that have led this rally have become.
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