although yesterday’s afternoon reversal did not bode well for today’s action, the bulls were on parade once again. a dip in crude triggered some broad-based buying, and even though the action stalled mid-afternoon, a fresh wave of buying kicked in just before the close, even though oil rebounded to the unchanged mark toward the end of the session.
this market is being driven more by short-term trading and less by fundamentals. market players just can’t avoid being sucked in to a market that keeps grinding higher regardless of what is thrown at it. even though volume continues to be extremely light and the big money is apparently not jumping in with both feet, the fear of being left behind is really starting to pick up.