Stocks gained a further 0.5% to 0.7% (US stocks yesterday, led by the continued outperformance of tech stocks and fangs which roared to a fresh record highs. Interestingly and for a second day, the most speculative elements of the stock market opened at the lowest level of the day and closed at the highs which should get the so called “smart money” index off the lows to start moving higher as well. We have been analyzing this indicator less as a Smart Money indicator than as an indication that investors have been following the recent rally only very reluctantly refusing to stay long overnight, buying higher in panic the next morning and selling lower at the end of the day. Yesterday and Friday were different in that sense and a positive technical development.
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