Impressive Consistency

No matter how you want to slice it, it was quite a remarkable day. Yesterday the bulls managed some respect and today they took charge.

Those betting on a market collapse earlier this week were served a huge helping of humble pie and were sent running for cover. Another round of M&A news and last month's same store sales results provided the bulls with plenty of ammo. Given today's liftoff, as you may already expect chatter of Dow 14K is already making the rounds. I've seen my fair share of manic depressive markets though the years, but this one continues to keep us on our toes.

Remember, the buy signal that many were looking for in this tape was a breakout to new highs on sustained higher volume which took place. Otherwise we were looking for a potential trading range or the start of more extended summer-like correction. As the saying goes, the most bullish thing the market can do is go up and this one keeps doing that with impressive consistency. For now, trailing stops will be set at the old highs and those will important levels to watch tomorrow and next week.

I'll be away from the trading desk tomorrow due to a charity golf outing but will be back ready to rock and roll on Monday. Have a great weekend!