Everything is green today! Under the hood the internals are flying. It's like someone put a rocket under this market. Ticks are just trending straight up and volume is on par with yesterday ie very strong and well above the 30 day median average. I'm not sure why the market would be rallying so hard but could it have been to do with China's PMI today which came in slightly above expectations?? Futures opened with quite a large gap up and well above yesterday's highs and this normally forces a lot of the shorts to cover. It is also the first day of the month, which is normally when a lot of new money coming into the market gets invested. I'm expecting a strong close near the end of the day as well from the dumbo's that tried to fade today's gap ie as they have to cover their positions (first day of the month and large gaps are statistically very poor winners for fading gaps - learnt that from masterthegap.com)
Are we going to make a run at 1120 from here??
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