Over 10% in a week on most US indexes. What is usually a year’s performance. Many individual stocks were up over 20% in this period. From the bottom to the top of the range in a week and the action is suggesting more bullishness not less. Nobody expects markets to go back down from the top of the range. While I had a few nice long trades I had trouble switching modes so rapidly. That is why they have computers do it.
Late afternoon selling today was right when indexes hit the top of the range. It is too easy to think that this is the turn. There will be more attempts at breaking the top of the range, especially if earnings are spun to be better than expected. On that front, watch JPM for bank earnings tomorrow, apparently Goldman is expected to report a loss whenever they report. If they’re not making money with HFT then who is. And Google reports as well.