Somehow it slipped under the radar that the S&P 500 closed at an all time high on Friday.
Yeah, it was only by a few points and the intraday high from earlier in the week distracts you, but the reality is the stock market closed at an all-time high on Friday.
It sure did not feel like it!
Slow and Low
It was like a beastie boys song, slow and low that is the tempo!
The volume was meager and the move was a slow grind higher all day.
It was torturous for the shorts and an enjoyable slow ride for the longs
Set for a much higher open - futures are high!
The S&P futures are currently trading 22 points above Friday's close so that all time intraday high is only 25-30 points away.
I see more pain for the shorts even with the market's move the last two weeks be a bit overbought.
I'd be lying if I didn't say I was rooting for a pullback.
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I am not a trader but I do not know how and why the stock market behaves the way it behaves. Portfolio managers must be seeing something we are not aware of. Vaccine is not yet there, the political turmoil is still there, stimulus is still in limbo and the market is rising, again. There seems to be a clear dichotomy between the market and the reality on the ground.
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Yes, it is the great disconnect! Or it could be that way more of that 7 trillion stimulus ended up going into the stock market rather than back into the economy.
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That might be true. A small percentage of that printed money could bring huge impact to the stock market.
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