Guess what? Another gap up! Really? Yes! When was the last time we had a gap down? I can't remember and they probably BTFD anyway so the point is moot.
Sorry for my awful humor, just a bit bitter this morning as the market rallied all night long. Do traders really think that the Fed will institute more easing with the market already at the highest level since 2008? Seriously, why must we view the 2007 highs as a target that must be met? Can't we be happy with what we have? Mind you, there are many solid companies out there now, ones who took advantage of the "recession" to get leaner and meaner and used free money to get more efficient. But apparently, we must see 1500 (or maybe 2000) before the hungry hungry hippos will stop buying.
Enough of my rant. As we stand right now, we should open at the 1378 high from 2/29. That said, RSI appears to be diverging, MACD appears to want to cross (both 5 minute ES), and VIX will likely gap down through its' Bollinger. Oh yeah? And the DX is camping out above $80. I don't think this gap up can hold, but it wouldn't surprise me if this was just the beginning of a mega short squeeze.............
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