I was in transit all day today and now a little jet-lagged so I will keep this brief.
Well, it was another rally day in the markets and we did climb and close above SPX 1320. All summed-up this is now a 5.5% rally in 10 trading days. I mentioned that as a level where if we closed above it I would add to longs. What I failed to mention is that I need to see a little rest here and then another try above 1320 before I am adding to longs.
Utilities, discretionaries, and materials were the leading sectors in the SPX today. Huge rippers like SOHU took a little breather today, but other names like HF for example decided to pick up the slack for others today as they jumped to the beat.
Small cap stocks have been huge outpeformers as we look towards the Russell 2000 (RUT) and notice that today it made a new high for the year and is inching up on it's all time close in 2007, at 856.
In general I do think it's time for a little breather here and important to remember that quarter-end games by fund managers (they bid-em higher of smack-em lower depending where performance be juiced from) this week did play a factor in the rally. Tomorrow is the last day of the month and quarter, and Friday we have non-farm payrolls in the U.S., all of which important to keep in mind.
Have a great night and talk to you early in the AM tomorrow.