The market continues to yo-yo this week, with early gains getting erased by the closing bell, only to see overnight action bring prices right back up. It's been a week where the wheels are spinning, with large intra-day moves, but the market isn't moving anywhere.
The market continues to soar after the Presidential election. Such a large swift move usually comes with many traders calling for a top, or at least a pull back. And if we've learned anything since the March 2009 lows, it's that any rally can go far further than expectations, and that while a pull back may come at some point, trying to time it is usually a failed endevour. I don't think it will be any different this time around.
Markets gyrated between gains in losses today but a sharp end of day spike landed stocks into positive territory at the close. In the afternoon the minutes were released from the last FED meeting. Conclusion? Patience. Over six years into unprecedented Central Bank action and record high stock prices, the FED remains cautious. Patient. The Zero Percent Interest Rate policy of 2008 will remain in place for a lot longer.
The action remains rather muted, subdued, quiet, relaxed, the perfect environment for stocks to grind higher.