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The S&P slipped lower Monday as investors took a breather after Wall Street posted six consecutive weeks of gains.
In addition, the European Central Bank threw cold water on hopes for further easing soon to stimulate the economy. In response to a German magazine report this weekend about ECB bond-buying, a central bank spokesman said it was misleading to talk about decisions that had not yet been taken.
"Following six straight weeks of gains for the S&P 500 and Dow industrials, stocks enter the new week in an overbought condition," says Bruce Bittles, chief investment strategist in a Reuters interview.
"Investor sentiment has turned more optimistic in recent weeks. This could be problematic, given that sentiment is approaching extreme optimism at a time when the seasonal headwinds begin to surface," he adds.Wells Capital management chief investment strategist Jim Paulsen sees the market a little differently.In a live interview on CNBC’s Fast Money Halftime Report he argues that the S&P will print 1500 by the end of the year. Paulsen sees three major catalysts that he firmly believes drives the stock market up and away.
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