Gun to head this feels like one of those days (we've had countless the past year and a half) where the market surges in the opening moments, we trade sideways in a range bound manner for 4-5 hours, and then a magical flurry of buying happens in the closing 20-30 minutes. In today's case it would be a great time to push us over and through S&P 1100.
That also feels like the "pain trade" because apparently the "death cross" head faked a lot of hedgies who completely missed this move from S&P 1010. A break over very obvious resistance would bring those guys in from the sidelines as they become very frustrated by the bipolar market that is now making moves that used to take an entire year in 2 week increments. Of course, they would be jumping in after a near 9% move from the intraday low of 1010 - doh.
EDIT 3:20 PM - if this scenario plays out and the Intel (INTC) "better than expected" earnings (wink wink) gaps the market up tomorrow morning, I'll be a heavy seller tomorrow AM as the momo boys finally show up happy to buy a market 10% higher than they could of bought 7 days ago when no one wanted to buy equities.
If I am wrong, this post never happened and will self destruct in 52 minutes.
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