Pretty amazing strength today given how ugly the market was yesterday. I was real surprised to see the NASDAQ almost close yesterday’s gap, and on increasing volume. Like I said this morning, the uptrend must still be respected, and it wouldn’t surprise me to see the market levitate through quarter-end on the backs of underperforming portfolio managers playing catch up.
True nutso markets right now (9/24). People think the expirations week is volatile but the record clearly shows volatlity tends to increase more the week before and after expiration than the week itself! September is proving to be an extreme example. The “profit-lockers” and the “performance-chasers” seem locked in a pretty nasty battle right now (sounds like a breakdancing competition!). I would hate to be in either group right now!