A picture tells a thousand words - I am anxiously awaiting to see how many shorts I am stopped out of in the last 50 minutes. There used to be a time when the saying was the market falls much quicker than it runs up but not so much in this era of momentum darling program traders with computers in tow.
I thought we'd ramp into the close and touch S&P 930, but we're already past that. S&P 930 was not much of a resistance after all but I am surprised the final assault surge is coming so early in the afternoon - it is usually better left for the 3:30 PM segment of our casino. Hmm, can bulls have that much steam to ramp up for 70 minutes straight??
While I would not advocate rushing into stocks after a 6%+ move since Monday morning, there is never a bad time to bring out.... Kool Aid man. Mmmm... Intel good!
EDIT 4 PM - Impressive ending to the day, no let up by the longs and they were able to keep us elevated for 70 minutes straight to close out the day. Now we wait to overreact to JPMorgan (JPM) tomorrow morning, and Google (GOOG) tomorrow evening. Shh... no one look at JBHunt (JBHT) today - all they do is transport stuff across the nation; not a good tell on the smartphone, search engine economy.