Oh, My, We Have Ourselves a Rally
All the pent-up buying came to a flourish this morning as equity traders were looking to buy ahead of the historic patterns of fourth-quarter market rallies.
From the opening bell, dealers were steady bids and aggressive takers of the offer. Things were helped when we had more intervention talk against the dollar-eurocurrency. Technically, when the market traded above 1456 and held, it was a buy signal for me. Finally, this market has proven the ability to hold onto gains throughout the day.
The odds for a staircase rally throughout the remainder of the session are strong. I will be buying all 300-450 point pullbacks in anticipation of a final-hour buying bonanza taking us towards 1480.