Its a new month, and it appears that cash getting put to work. Futures screaming higher, up more than a full 1%, with the Dow at plus 118, Nasdaq showing +20.
Some of the upwards movement is on expectations that the ECB will further settle the bank crisis there; some is simply new month, and for some funds, new fiscal year, putting money to work.
As we noted Monday, the market has been quite resilient. There were significant opportunities on both Monday to melt the market down, and instead, it clawed back to break even. Tuesday was a similar opportunity for the same sort of melt on the Bank of America Wikileak fears, and it was averted. (We will see if today’s gap open holds).
I am reminded of the adage most traders learn early int heir careers: Don’t trade what you think, trade what you see . . .
Resilient Markets (November 29th, 2010)
Waiting for the End of the World (November 27th, 2010)
Barron’s: “Modestly Bullish Again…” (October 26th, 2010)
Do You Wanna Be Right, or Do You Wanna Make Money? (October 6th, 2010)
10 Things Making Me Nervous (September 21st, 2010)
Celebs’ & Billionaires’ Economic Warnings ? (August 24th, 2010)