Editor's Note:

Stocks continued to drift higher on Thursday. The S&P 500 is only a few points away from a new all-time high. We're also seeing encouraging moves in the NASDAQ and the Russell 2000. The NASDAQ closed above its 50-dma for the first time in weeks.

We are not adding any new trades to the Premier Investor newsletter tonight. If you feel you must trade something you might want to consider bullish positions on the S&P 500 ETF (symbol: SPY) or the Dow Jones Transportation ETF (IYT) as both look poised to hit new highs.

Keep an eye on the Russell 2000 and resistance near 1120 and its 30-dma and 200-dma. A breakout there could be a turning point for the market.