The broad stock market continues to advance almost every day. $SPX is now trading at prices last since in December, 2007. It is not far from the all-time highs of October 2007. Support exists at 1460-1470.

Equity-only put-call ratios are on sell signals. It is quite unusual to see these reliable intermediate-term indicators on sell signals, yet the market continues to rise.

Market breadth has been very strong, and the breadth oscillators are in overbought territory. As noted in the feature article, though, the market can continue to rise when the oscillators are overbought for this long.

Volatility indices are at the lowest levels since May of 2007. The spike peak in $VIX at the end of last year was a buy signal, and $VIX has continued to be in a distinct downtrend ever since.

In summary, the market continues to defy the naysayers, as it moves higher virtually every day. Despite the overbought conditions that this uniformity of bullishness has created, one cannot take bearish positions until there is some break in price (and likely also until there is a rise in volatility).

Lawrence G. McMillan is the author of two best selling books on options, including Options as a Strategic Investment, and also publishes several option trading newsletters.