A Furious "Melt-Up" Today; A Buying Panic Into Month End/Quarter End?

Furious rally today, as the major indices ripped higher. Specifically, no real profit-taking kicked in, so the market was squeezed higher. Technicians were watching S and P 800 closely, and that ceiling appeared to have been shattered. Despite this strong action, we still have yet to receive any insight into the resilience of the bulls. They’ve been able to take control of the action recently because of some positive surprises, but they have yet to be really tested. When they are, hopefully they’ll have the fortitude to step up and provide support. It’s encouraging to see so much green on the screens, but are they willing to start putting up some longer-term money?