It doesn't feel like it though. Another wall of worry that will be climbed. Traders will grasp at anything to find an excuse for market action. I think the ES would have sold off anyway even if they didn't show the Egypt riots on TV. Oil and gold would have probably bottomed last week anyway without Egypt.
Today is probably front running by funds who well know by now that every 1st day of the month is an up day (it is written in stone) starting with a monster gap up. But the buyers have proven to be very eager again.
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Good observation, after last year the gap up now gets pushed a day forward... which likely means no gap up tomorrow which could trigger another leg back down to blow of some more froth..
Yeah, I think another gap up on the 1st day of the month after today's rally is too pat. If we gap up, it will be small. I don't see an edge either way.
A better short-term buy setup would be to take out ES 1270 during RTH at least to 1265-67 and then reverse and tag 1288-90. Will it happen? I don't know. I just know that there is no short-term edge right now.
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