Thursday, November 30, 2006
Tuesday's hard dip, it turns out, was just an aberration in an ongoing strong uptrend. Weak hands were shaken out and new shorts were put on, but the market continues to move forward. Short positions are likely to be covered higher, further driving prices higher from here. Likewise, performance chasing fund managers are likely to run this market higher into the end of the year. We will worry about January's tax selling in January. For now, this market remains hot and oil has taken over as the market leader once again.