Editor's Note:

The market continues to inch higher but some of the major averages are hitting resistance. The Dow Jones Industrials has been stuck at the 12,000 level for three days now. The S&P 500 just hit potential resistance at the 1300 mark. The NASDAQ composite, which saw a strong bounce in the last four days, is now nearing its January highs near the 2765 level. Meanwhile the small cap Russell 2000 index is bouncing but its broken trendline of support is now overhead resistance.

Overall I am reluctantly bullish but I'm a little hesitant to open new positions with the market stalling at resistance. Let's wait and see what happens tomorrow. No new plays tonight.

- James