It was a very mild and boring day of action for the indices, but that is what we needed after the frantic buying Monday and at the close on Friday. Yesterday was a clear technical breakout of from the trading range, and day like today is a product of the flippers taking some quick gains. The good news is that there continues to be very strong underlying support as the folks who have been underinvested for the move are lurking about and waiting for their chances.
Still, I don't think there's anything "wrong" with this market, but if you want to be heavily long, you have to have confidence in the "chase" trade. We'll see. Hopefully a few days of more placid action will reset things and make for more calm. Today was a good start.
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