We once compared market action to drunk squirrels running up and down a tree. We’ve decided that drunk doesn’t do it justice. Squirrels on meth, rather. But today’s squirrels may be blasting off into a new wave. At the very least we are lifting parts of our hedge and assuming for the moment that the new upwave has begun. Of course there is always tomorrow. (or Monday — Angela can always torpedo Europe over the weekend (das boot?).)
Some readers may be unaware of the end of month phenomenon. Research has shown that there is a definite bullish bias to the end of month trade, so that may help out the squirrels.
Shorts took it in the shorts on this one. The opening surge occurred in 2 minutes –those without stops get run over.