I sort of tongue in cheek said late yesterday as the 'traumatic' selloff happened:
All it takes is a +0.5% premarket markup tomorrow and all this will be forgotten as the run to the roses continues ;)
Lo and behold, what did we have this morning?
While I shook myself out of those SPY Calls yesterday due to the risk factors, I stated:
I am more than happy to buy them back at more expensive levels on an up day, as they are meant as very short term trading vehicles during trend days. Yesterday's breakout did not follow through so I'll make the same trade another day.
So we are back in, as today is a new high and the market almost never reverses intraday anymore once it begins to move strongly in one direction; another 'new paradigm' stock market development.
There is really nothing more to add kids... it's the same old, same old. New high - everyone piles in. Rinse. Wash. Repeat. I don't really see any resistance ahead for a long while. Even 1200 is nothing more than psychological. It might be S&P 1220s where there is any true stall based on charts. Master plan if this continues is to keep riding it and then if we just rally straight into next Friday's labor report, expect a sell the news reaction on what I expect to be "blowout" numbers.
p.s. Google (GOOG) reversed yesterday as someone came in and in 1 order apparently bought 975,000 shares or $530M of stock! So I might of put the bottom in on that stock with my sale. (I'm happy to do anything for the cause)
p.s.s. shocked none of my shorts have stopped out yet with the market on meth in an almost non stop run up.