The last day of the quarter may have been mixed, but aside from today's performance it was the best 1st quarter for stocks since 1998. Can you believe it?
So the bulls are holding their position going into tomorrow's payrolls report. And it's the 1st of the month too, which as I mentioned yesterday has been largely positive since last September. But this past March saw a hard decline on that date, so I'm not sure what to expect. But the strength has been impressive and certainly suggests
Updated 04-01-2011 at 08:50 AM by coolhand (Edited first paragraph by adding "1st")
Ready to test the highs - Another nice day for stocks yesterday as the Dow picked up 71-points and came close to a new multi-year high. A late pullback took the indices off their best levels of the day after hitting resistance.... Market Commentary for 3/31/11 Current Daily Market Commentary
In my last few blogs I've been telling you that I thought the likelihood of a pullback was rather high given the recent strength in the market. But last Thursday I had this to say:
"...window dressing may be at play and liquidity is still pouring into this market. That combination could mean we get silly on the upside over the next few days. "
It's getting silly alright. And that's the initial scenario I was anticipating. And I never really doubted it could happen
Dip buyers show up again - The dip buyers made an appearance yesterday as the major indices struggled early but quickly found support and rallied into the afternoon... Market Commentary for 3/30/11 Current Daily Market Commentary
After yesterday's weak close it appeared that some selling pressure would be very near. And while the market did indeed open weak, the selling was brief and the rally was on after just 20 minutes below the neutral line. By 1100 EST the market settled into a choppy ascent the remainder of the day, ultimately closing near the highs of the day.
I seriously doubt that weak open was the pullback I was looking for. There were probably too many others looking for a decline in the very short