Delayed Reaction

The market is doing a fine job of shaking off the weaker-than-expected ISM number, but we've had a tendency toward delayed reactions to news lately. For example, the June 20 announcement from the Federal Open-Market Committee was met with little initial reaction, but then we were hit hard the next day when the market embraced the fact that there was no QE3 announcement. We also did a very poor job of anticipating the E.U. Summit but then gapped up sharply when news came out.

I think this ISM number will eventually matter, but for now traders are staying focused on technical conditions, which are fairly good. The strength on Friday created some upside momentum, and the hot money is still trying to build on it. There is some impressive follow-through and no shortage of very extended stocks such as Pharmacyclics (PCYC) and Horizon Pharma (HZNP)....132 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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