Stocks Tread Water After Record Close

Stocks are little-changed this morning after breaking out to new highs on Friday.

S&P 500 futures are treading water, while European markets are mixed. Asia was mostly higher in the overnight session, led by a gain of more than 1 percent in Shanghai. The Japanese yen is also falling, which bodes positive for risk taking.

The S&P 500 appears to have broken out of so-called bullish triangle pattern, marked by higher lows in June, late-August, and October. That could make some chart watchers believe that it will continue to advance. The Russell 2000 small-cap index has been even stronger.

Sentiment has been extremely as positive large amounts of cash on the sidelines keeps money flowing into equities. And, while the economy has been expanding, it’s growing slowly enough to keep a lid on interest rates.

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