Monday, February 27, 2012

S&P 500 challenging 2011 highs

Well as has been par for the course lately futures leaked down over the Sunday off hours, only to come roaring back and into the green after markets open. Overnight futures weakness followed by trading hours strength has been a very common sight so far this year. And then the daytime strength has mostly been enough to put us in the green by a few points, day in and day out, resulting in the vapour volume, volatility-free drift upwards we've had. Friday's volume on the NYSE was at decade lows (ex holidays). We keep this up soon there will be nothing but computer left trading. This is NOT a healthy market in my view.

As of this writing the S&P has pushed right up against those 2011 highs at 1370.58, getting as close as a measly 10 basis points from that level (1370.48). Will she break out? I honestly don't have a clue but if it does it is going to act as a loud "buy signal" for a lot of traders (though not this one).

Don't forget to come back for your daily markets recap this evening, and every evening!
Stay safe out there!

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