Who said month-end markups don't exist?
Wow. How's that for a strong close on the month. Since there was nothing major than happened today to cause the rally, I would chalk it up to a big scoop of month-end markups topped off with a nice dollup of short covering. Whatever the reason, I'll take it. I only wish I had stayed 100% long. I took some additional profits, and am now probably closer to 60% net long.
The SPX and Nazz both gained +1.0% on strong volume. That makes for a nice accumulation day, and possibly the start of a new rally attempt. But we will have to be on the lookout for confirmation next before we make that call. Otherwise, this could just be a short-term pop prior to another re-test of the recent lows.
Also, I highlighted the Hi/Lo index yesterday. The turn higher continues, with more than 200 new highs on the NYSE today. So there is some leadership to be found. And not just in energy (though those names are en fuego).
posted by J. Kahn @ 1:08 PM
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