Editor's Note:

The S&P 500 index hit a record high for the 21st time this year on Thursday. Yet gains were mild with the S&P 500 index up less than three points. Year to date the large cap index is up +6.0%.

Currently the market has been able to shrug off rising geopolitical tensions, especially in Iraq. However, the weekend could bring new headline risk. That means traders may not be willing to hold positions over the weekend. Friday might struggle to keep the rally going even though stocks look poised to rally higher as of Thursday's close.

We are not adding new trades tonight.