how long will the momentum - for lack of a better word - last? as happens from time to time, today's action was the catalyst for some panic buying as the underinvested folks scramble to gain long exposure. no crazy intraday swings like we have had the last three days. for the moment, all the fears and woes are being set aside as the primary worry is being left behind. ironically, housing stocks are breaking down further as we celebrate that the worst is over.
i still think short time frames may be the prudent stance here. however, we certainly have strong momentum going here, and many out there are riding that while it lasts. what makes this market so tricky is the two-tiered nature of the action. while the nasdaq 100 is now close to positive on the year, the S&P 500 still has a ways to go.