It was another great day for the market. The fourth day of straight up action going into the end of the second quarter didn't offer much of an opportunity to make new buys, according to some traders.
Typically, window dressing ends a day or two before the last day of trading, but this morning the bulls had a nice assist from a much better-than-expected Chicago PMI report. That caught the top callers out of step and set the stage for persistent underlying support.
Many traders felt handcuffed and did little while we watched the money managers hold things up and turn a very poor quarter into just a mediocre one. The big question now is how fast things might reverse as we start the new quarter. The trading on the day before a holiday usually has a positive bias, but we have been pushed up so much over the last four days that you have to wonder if the bulls are going to have the firepower to maintain things during what should be a very thin day of trading.