Hanging at Dino’s Bar and Grill…
The genie granted our wish for a breakout to new highs as the indexes closed at record peaks on Thursday. A follow through today would be icing on the cake for the white-hot bulls heading into the weekend. The bears will try to hold down a possible double-top that is forming but the recent short covering could mean they are throwing in the towel to vacation with the suit-and-ties at the beach that missed last Friday and this week’s powerful pop.
It reminded us of the “Santa Claus Rally” that comes AFTER Christmas. Last year the Dow was mirrored in a trading range with weakness over the fiscal cliff worries but the traders that took off for the rest of the year, missed the explosive move higher to start 2013 and for much of January. In classic form, the Wall Street pros missed this week’s surge because most of them were away. That is why a dollar never sleeps and why we provide updates twice a day, every day, the market is open. (read more…)