We’ve got a nice rally underway based on the much better than expected Chicago PMI report. We’re hovering just above yesterday’s highs right now. I can’t help feeling that now that we’ve got a clearly positive economic report there will be a bit of a “sell the news” reaction. We’ll know soon enough. (Damn, I’m starting to sound like the perma-bears I always make fun of…. right Duru?)
Edit to add: It’s also worth noting that the S&P 500 is hanging just under that all important 965 level. A close above that level could unleash a flood of buying next week.
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CNBC did a piece on all of the recent put buying by hedge funds. Their conclusion was that they would get ran over by the mutual funds & pension plans once they start putting their cash to work and shifting out of bonds.
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