A Self-Propelling Move
We had a particularly good example of how the upbeat attitude around a holiday can really boost the market. We completely ignored a very poor ISM report, Europe was shoved aside, and technical overbought conditions were deemed irrelevant. Traders were enjoying the momentum, and they just keep on pushing until the final minutes of trading.
The big questions are, are we just deferring some much-needed rest and consolidation until trading returns to normal after the holiday, or is this another one of those lopsided V-shaped moves that just keeps on going as it squeezes the shorts and causes consternation for the underinvested bulls? There is no shortage of negatives and concerns, and that is giving us a "wall of worry" to climb, but this action feels too manipulated to persist in this manner for very much longer. The irony is that the very fact that it does seem unsustainable is exactly why it tends to continue....107 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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