• Stock investors are surveying the view from these lofty heights, with the S&P 500 trying to hold up just below the 1700 level, and they appear to be feeling some vertigo. They are wondering if there will be a catalyst to take stocks higher before Labor Day, or if the dreaded correction is imminent. However, my concern is that investors might be hamstrung by a perceived no-win situation.

Stocks have been on a one-way train all month long. Now, as we approach Groundhog Day, the market appears to be having its own version of it as the Dow faces 14,000 and the S&P 500 struggles at 1500. As investors peer out above these levels, will they collectively see their shadow and retreat to safety for the next six weeks? Or will they bravely march forward into the clear blue skies to challenge the all-time highs from 2007?