Today was one of those days when all the gains came in the gap-up open. The indices did nothing the rest of the day, so if you weren't in yesterday, it was difficult to make much additional progress. Breadth was solid but volume weak. The good news was that we had some leadership from banks, and the dollar weakened, which helped to boost oil and commodities. All major sectors were positive.
Overall, the song remains the same. We continue to ride an amazing tide of momentum, and there just isn't any notable selling pressure at all. We dipped a bit in the final hour today but bounced right back. There isn't any fear or worry right now, and bullish sentiment keeps on building.
Tomorrow afternoon, earnings season kicks off with the report form INTC, and then JPM on Friday morning. It is going to be very interesting to see if earnings season does anything to change the character of the market action. Expectations are quite high after the run we've had, but companies have delivered nicely in the last few quarters and haven't reflected the ugly recession that has weighed on Main Street for so long.
long INTC
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