Looks like the breakout is happening now instead of tommorow as I expected. The intitial jobless claims numbers didn't seem like anything very noteworthy...mabey I missed something. Regardless, the market just felt like it wanted to go up....as I had mentioned last night, the path of least resistance seemed to be higher.
Somebody is indeed getting hurt today, not only because of this surge but because of the large gap up which prevents shorts from cutting losses small. We'll see if the the bears can wrestle this market back by the end of the day. It's a little early to tell but I have my doubts....sorry bears.
But the good thing for bears here is that these types of gap up and run days after an already extended upside move is indicative of an immanent exhaustion of the move but I'm thinking that this move today is going to be too strong for it to fade by the close. Perhaps tommorow bears will have their way.
I'm pretty much going to be on the sidelines watching this move. I may decide to press for an speculative intraday long trade later on but only if conditions are perfect. I'm sure there's going to be a sell-off attempt as we approach 1000 +/- 3 points. Well see how the market handles it.
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