Was expecting a bit of bull fireworks this morning after the long weekend and no bad news. Instead we got a weak little gap up that quickly faded to fill the gap. The volatility is quite low and not very conducive to trading the indexes. Now I don't think we'll be able to make much ground above 2000 before we get a little 2-3% correction which will be a raging buying opportunity.
There are some interesting things going on in individual stocks, as I see more pump and dump activity, looking at HGSH and DGLY this morning, both stocks are continuing their pumps, even though the news and theme are quite weak. Cops having to use cameras is a bit of a kneejerk theme, based on that cop shooting in Ferguson, as daytraders are running out of good ideas.
It looks like the month end pump is being unwound very quickly in bonds, as bonds are getting crushed even though equities are only slightly higher. I would stay away from bonds on the long side for the coming months. The up move looks to have exhausted itself.
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