Thursday, December 2, 2010

Might Not Wait for Friday to Make a Run to Year Highs

So much for a quiet session; the market is grinding along higher hour by hour.  The S&P 500 has surpassed 1220 (it was near 1173 two days ago) and has its eyes on the yearly high .  When you see this sort of buying ahead of a supposedly important economic report, you know market participants are feeling bulletproof.  In a normal market I'd say having this sort of run ahead of much anticipated news, would lead for a potential for a sell the news reaction tomorrow no matter how good the report is (after the initial spike).  But this has not been a normal market in a long time.

(actual high of year is 1227.08 not the ~1225 mentioned earlier)

My relative performance versus the Russell 1000 the past 4 weeks was tremendous 48 hours ago... darn market has made up a lot of ground in 2 sessions.


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