Bulls are running wild today. If we close at these levels we’ll have surpassed those ‘war rally’ highs – a very bullish development, IMO. I just saw this from Briefing.com:
Dow +151, Nasdaq +26, S&P +18.85 : 3:00PM: This is a “clean” day…no economic releases, no earnings reports that move the whole market (witness the open), no big move in the bond market, no market moving news…these can be the best days to read underlying sentiment…if so, then today obviously augers well for the market’s reaction to upcoming earnings releases…advance/decline reflects the broad, rather than specific, nature of the move, as NYSE advancers lead decliners by about 3 to 1…NYSE Adv/Dec 2395/836, Nasdaq Adv/Dec 2007/1016
I like their thinking on the sentiment. It’s been clear to me for a couple of weeks now that the bulls are in control, especially on the NASDAQ. I’d love to had been long coming in to today, but I won’t chase stocks here. I’m still waiting for my dip.
