It went up on nothing material. Look at what moved the market today. The utilities sector was a source of strength for the market. The financial sector was a relative laggard. The current account deficit rose much more than forecast. I thought nearing the close there was less risk selling in the leading sectors than buying.
Therefore SPY 197 is in the card. And usually the market can move higher after breaking through round numbers, so upper 197 is not out of the question. And if the volatility remains as low as it is now, SPY 200 is a real possibility in July.
You didn't respond to my earlier post....to be clear, I'm about 90% long for the past several months.....but this will end badly, it always does......The market strategists and CNBC guest love to refer to historical trends.....Historically, all bubbles or inflated equity markets end badly, when no one expects it. Lou, no one is hedged, and the majority of traders including hedge funds are on significant margin.
You're experienced enough to know this is clearly a recipe for disaster.....keep in mind, I'm mostly long, and making money....but I'm not smart enough to be greedy this time.....I'm dumb enough to take profits, and reload on pullbacks.