Today was another strong up day for the market. All the major indices finished better than 2% higher, while notching new 52 week highs on a closing basis. Only the NASDAQ has yet to surpass its June 6th intraday high. Cash continues to pour into the stock market at an amazing pace. There’s not much else to say about today’s action. It was a complete rout for the bulls. I suspect there will be no lack of action this week because of all the economic reports due to be released, and options expiration.
Past expiration weeks have actually largely been disappointments as far as “action” goes. May was a rare exception. If the pattern I recall plays out, options week begins with a big move (or is preceded by a big move on Friday), and then the options boyz trickle things back to even, or close, to get out with their skins intact.
Regardless, should be interesting as this rally’s liquidity rush has overwhelmed near every obstacle that dares to stand against it.
I was waiting for somebody to mention a STRONGER dollar being a good thing, even an explanation for a strong day in the US markets! Ugh! Talk about reaching for anything to support the moves of the day…
“A number of developments fostered the upbeat tone of trading: the impressive 1.8-3.0% gains on the major European bourses, the dollar’s strong move against the euro, and the better than expected Empire State index…” (Briefing.com)
…and since when did the US market ever care about Euro stock moves?!
The financial media makes me sick with their explanations of moves. But whatever the reason(s), money is flooding in to this market!