MV Weather Report: Bulls Flood the Market
Rain or shine, we review the day's biggest stock stories.
It was a quiet day on Wall Street, one which saw stocks move up for the fifth consecutive trading session.
The S&P 500 closed higher by 0.56% to 1071, right at the high of the day and a near 10 points from the 52-week high of 1080. It was another impressive day for bulls despite the strong action in the dollar today.
Today on the Buzz and Banter, Professor Jeff Cooper gave his thoughts on the current state of the market.
"Do you get the feeling that there may be more than a few money managers kicking themselves for not buying the last pullback, never mind the last little dips since the July low?
"Do you get the feeling that this buying the dip mantra may have risen to the surface like foam on this liquidity cappuccino and that the psychology of performance chasing has trumped the notion of protecting unrealized gains into the year end?
"The last thing anyone would think of here is a deep downdraft before year end then .... with everyone thinking 5-9% pullback.
"Does that set up a slide then with everyone buying the dip all the way down with very loose stops if a slide starts?
"Have stops been given short shrift as money managers cannot afford to have two consecutive ugly years or does it mean that going into the end of the year that stops may be tighter than usual and could engender some airpocketism?"
Cooper does bring up some excellent points. But, the bears have to be getting frustrated. This time last week, it looked as if the correction phase was well underway. But in just five trading days, the bulls have managed to recoup most of the losses from the previous two weeks.
Moreover, the new high list is growing. According to Briefing.com, new highs outperformed new lows 361 to 56. Some names on the new high list are: IBM (IBM), Jefferies (JEF), eBay (EBAY), Baidu (BIDU) and Cisco (CSCO) to name a few.
That's all for this week. Have a great weekend!
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