Dow Skepticism

Good morning. Following the Dow's record close, premarket futures this morning are little changed.

There's plenty of economic data on the docket today including factory orders and ISM services at 10:AM and the petro inventory report at 10:30. Attention will also be focused on Fedspeak as New York's Timothy Geithner, Fed Governor Susan Bies and Fed Chairman Ben Bernanke will be giving speeches. Notable premarket gainers include IMCL, ARNA, ACOR, ARRS, HGSI, CCOI, ENER, BOBE, and ELNK. Standout losers are HWAY, TIVO, DIVX, XMSR, SIRI, XLNX, LWSN, and AAUK.

You don't have to look hard to find a high level of skepticism of the Dow's new record highs, particularly given the way it managed to do it. Still, the bulls have to really like that since the thing you don't want to see is a strong level of bullishnesses after a large rally which is far more typical. My sense is that the bulls and bears have respectfully dug in. Each have very strong views of where the market is headed next and, if we know and respect Mr. Market, he'll find a way to disappoint both groups in the coming weeks.

Have a great day!