This morning's action showcases how difficult it is to be a bear of any form right now. Finally a negative premarket was handed to the bulls, and it was vaporized in the opening moments. The non stop rally continues.
In the weekly summary, I mentioned a range of S&P 1150 to 1170 as a white nosie area. Remarkably, almost that entire range was covered in today's trading. I can imagine people getting their heads handed to them this morning as they tried to press shorts into that opening action, which is why at times it is not even worth participating.
From here, itchy human fingers and silicon microchips wait to purchase on a break over 1170 as the next level of the stair step rally. Each time we cross a new rubicon, the higher high buyers come in. I'll be one of them. Again.
Other than that there is very little to add on the market action as it is almost monolithic in its repetition. The only reason there was a large range today was the negative premarket and poor open, otherwise it would have been another range bound narrow day. The remarkable rally in cyclicals continues... Bloomberg reports
p.s. please note in the weekly summary I said Riverbed Tech reports this week (on the 22nd) - that is incorrect, it is April 22nd not March ;)