I figured that they could take the markets up to the top of the recent trading range. I actually figured that we would overshoot the tops of the range to suck in a bunch of Stop Buy Orders. That has occurred.
Most people are home on vacation, so the volume is light and the last few days of each month/first few days of each month have a positive bias, because retirement plans invest payroll deposits.
A recent phenomena is that Pension Funds do significant reallocation of assets in the last few days of each month. That has meant they have sold US Treasuries and bought Stocks and Commodities.
So I am taking this rally with a grain of salt and actually have but in Stop Buy Orders to buy the Inverse (Short) ETFs above current prices. I like DUG (-2x Energy Stocks) and SKF (-2x Financials). I sold SKF in the mid $120’s last week and now have orders in at $106.
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