Well it was all stocks today. Bonds, gold and the dollar we very quiet in comparison. In spite of a lower ISM manufacturing survey and oil above 47.50 for most ofthe day, it did finish at 47.20, lousy auto sales, stocks went on a tear. Volume was good at almost 1.7 bil shares, new highs picked up to 360 vs new lows of only 12, breadth was pretty good. In general you can't argue with the internals today. The market closed on its highs as well.
I thought with that background the market would have a tougher time. But the mergers, spinoffs, momentum and the rumor that GDP would be revised jup .5% in the next few days due to technical problems in accounting for Canadian trade accurately overcame all obstacles. It was a good day not great.
Tomorrow we get the oil inventories and of course the Fed raises rates a quarter. A few days ago I said I'm a seller of rallies with a stop at 1196 in the S&P. Tomorrow I think will provide a low risk opportunity to try the short side.
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