The trend for stocks continues to point up and could stay that way through the end of September, even if there are some choppy days.
Increasingly, traders have put aside talk of an imminent pull back and talk more about how fund mangers, who may have been underweight, are being forced to add to positions going into the end of the quarter. That, combined with a lack of selling pressure, has been keeping the stock market buoyant.
Many funds are benchmarked against the S&P 500, which is up more than 16 percent quarter-to-date.In the week ahead, investors are watching the Fed's two-day meeting; fresh housing data, and the Treasury's auction of more than $200 billion in notes and bills. There will also be a lot of focus on the activity of world leaders, who meet first in New York for the UN General Assembly, then at the G-20 in Pittsburgh. President Obama meets Tuesday with China President Hu Jintao, and also with Russian President Dmitry Medvedev and Japan's new Prime Minister Yikio Hatoyama during the General Assembly.
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