Take them up and take profits.

This appears to have been the mode of the day.  A little different from the run-them-up in the morning and hold-into-the-afternoon that we have been seeing. The spiders were up about 5o points two weeks ago, then down 50 points into expiration week and then up 50 points since then. There is some chatter about central banks buying stocks, which I have trouble believing.  I don’t think central bankers are risk-taking types, it is difficult to imagine that they can relentlessly keep idding up the indexes (forcing stocks to go along), although they certainly have the unlimited pools of capital to do that with. Nor is it consistent with the weekly yo-yo pattern. The reaction to earnings for many of the big caps has been negative, see IBM, Apple, Cat, MMM, Amgen, PG, Qcom and today Amzn and Starbucks.This is just trading until the summer lull begins and the second string is left to manage a a  portfolio that is nicely up for the year.


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