Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
The nearly non stop run of 2012 looks to continue this morning. Yesterday’s volume was the lowest for a non holiday week in years according to Bloomberg, but in the end all that matters is price. V shaped low volume rallies have now become the norm rather than the exception post 2008. I don’t see a particular reason for the gap up, but I suppose we don’t really need reasons.
The S&P 500 will be making a run at yearly intraday highs of 1378 from a few weeks ago this morning. For many that area thru 1380 would be a ‘last stand’ of sorts for the bears.
The FOMC meeting results are announced later this afternoon but it would appear little will be said; perhaps market participants are looking for a phrase change indicating sterilized quantitative easing is in the cards once Operation Twist ends in June.
Monthly retail sales are out and are up 1.1% on clothing (I assume warm weather), autos (discussed this in the past week), and gasoline.
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