I suspect that quite a few market players were surprised today by the very steady buying. The market gapped up and just kept on going all day without a single pullback. In view of the recent issues in the Middle East and higher oil prices, you would think there might be a little more caution -- but there was no evidence of that. The buyers were fearless once again and the fact that we will get an important jobs report in the morning was of little concern. Of course, the poor bears were painfully squeezed once again, but did they really think they market was going to make it easy for them?
Breadth was very good with everything except precious metals in positive territories. Volume was a bit light but that has not been a good reason to be distrustful of recent bounces.
We'll see what the jobs report brings in the morning but the buyers regained their momentum today and have the bears on the run again. Just don't forget how stubborn the bulls were from November to mid-February. Apparently they haven't suffered enough damage lately to keep them from returning to that pattern.
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