Nothing happening so far. Not going to bet on it but expect (if things are normal) for a Sunday night melt-up with a gap and go open to try and retake positive momentum. Problems that I see:
1. Oil short covering rally pushed by scramble by refineries to find enough sour crude. Would you want next month's production dependant on Venezuela? Remember the Saudis are cutting way back.
2. Inflation numbers say Fed rate hikes are over so dollar weakness ahead.
3. FANGS growth is critical to the story stock status. Insert famous clip from "Silicon Valley" show where they explain why you can't have earnings. Amazon is clearly only about cloud computing and business services, Facebook already has 83% of US and Canadian adults as users, so where is the rapid growth coming from India where an Iphone is a year's wages? I am not saying I phone is a bad product, half my family has them, I am saying what is the growth rate? So now the concern is switching to when to take profits, not when to add.
4. Anybody counting on major tax reform is also sleeping with teeth under their pillow (they believe in magic) after the dysfunction shown over healthcare votes.
5. Chinese credit tightening with no other Central Bankers stepping up to print fresh money.
So with my wall of worry I am sure higher record highs ahead.