2nd day of ES gap up and grind. Overnight launched with the European opening and spiked hard without looking back. Today's session was a bit more balanced but it featured (just like yesterday) a slow morning move down and then that distinct, slow, methodical, steady, grinding action higher so characteristic of this 5 year bull market. Left to their own devices, the programs operate in this fashion, over and over -- and over. That, or it's just Government manipulation!
So, two scenarios for tomorrow..and it's going to be one of these two most likely:
1) "The grind" up is back. Buy the morning pullback (if any) and watch out for inventory adjustments lower if holding for bigger targets.
2) Selling re-enters the market and these grinder days offer no support whatsoever and POW! They get taken back quick.
If sellers are in charge we should get #2 tomorrow or Friday. If not, then, firmly back into the range we go.
Notable divergences in small cap issues today.
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