Strong ISM Numbers Sparks Momentum
The first real positive economic news in a while caught market players by surprise and now we are seeing a chase/squeeze kick in. After the disappointing Chicago PMI number the other day, many anticipated that the ISM, which is a similar measure, would be soft as well. Not only was the ISM number strong, but every aspect of it was positive.
After the lethargic action yesterday, many traders weren't well positioned for a sudden spike. Instead, they have to chase and cover shorts and that tends to feed on itself and send the market higher. Breadth is running better than 3-to-1 positives. Solar energy and chips are leading, while gold is the laggard. There isn't any really outstanding sector strength, but it is obvious that there is sudden anxiety over being underinvested....115 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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