As I said this morning, traders would pile in as they are now conditioned for the gap up Monday morning.
Speaking of which, Merger Monday is just 1 session away so expect traders to pile in ahead of the now 80% probability of a premarket surge of 0.3 to 0.4% (no matter the news) 72 hours from now. Money in the bank 8 out of 10 Mondays a year.
After this week’s Monday morning gap up, and Tuesday extension – the market consolidated for 48 hours and now has broken to a new high. Onward and upward we go… non stop. The market remains unshortable… and remarkable in it’s inability to correct. The Dow excluding a rounding error yesterday in which it fell less than 0.1% has been up 10 session in a row. I’ve run out of adjectives to describe this market – seeing the NASDAQ finish green yesterday after a 14% drop in bellweather Cisco Systems is simply something one can not fathom.