The market was able to in fact close very near its highs. This was surprising strength, especially coming on the day after options expiration, when there is often weakness in the markets.
This marks a continuation of the rally that seems to be dragging investment managers in kicking and screaming. That is, those with cash on the sideline waiting for a dip to buy have not been presented with that opportunity.
Of course, as soon as everyone capitulates and jumps in the ring, we are sure to have a nasty pullback. The continuation rallies in stocks like AAPL and GOOG could also be mutual fund managers building up their winners ahead of their fiscal year ends in October.
long AAPL, GOOG