Wednesday, June 29, 2011

Rally Moves Ahead

stock rallyEnd of quarter window dressing in the stock market? Or the end of the correction?

I suppose if we want to list a few reasons for the rally, they're quite obvious. First, the end of quarter often sees the winners and leading stocks ramp up. The Big Boys want to be long the best performing stocks and list them among the top portfolio holdings. Next, we have the end of month where payroll hits and the market lifts. But we haven't hit the end of month, yet. That starts tomorrow. Oh, and the holiday pattern with the 4th of July. We've also had a horrible market since the beginning of May. Maybe folks are taking profits, closing shorts.

Whatever the reason, stocks are now up 3 in a row and 4 of 5, right?

Again, like I wrote yesterday, the 50dma is getting closer. That seems the logical destination from here.

Did you watch The Voice finale? Me neither.

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