The bulls are letting if fly today, and ramping this market up as high as it possibly can. I’m pretty confident that despite what CNBC is saying, that markets were going to rally today regardless of whether the news was good or bad. This rally, or at least the strength of it, caught me off guard – to say the least. Some will say that a lot of it is fresh money pouring into the market, being that it is the first of the month or maybe it is just one massive short squeeze – perhaps its a combination of both.
One other action I took that requires a slap on the hand, is not hedging yesterday when we had a nice doji candle on the S&P futures and on the S&P index itself. Such candles of late have seen some sizable rallies. Shame on me for that!
I’ve also included an S&P daily chart, showing the action today and where we stand in regards to the index as a whole. Right now we are threatening the 50-day moving average, and price has yet to gain enough momentum to push through the barrier. We’ll see what the rest of the day gives us.
Here’s a Look at the S&P Chart
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