We gapped up this morning on more Greek "news", then fell over $1.80 on the SPY, before embarking on a breathtaking ramp, that took us back over $126 on the SPY. This rally continues to defy conventional wisdom. There is still turmoil in Europe. Greece might not remain in the Eurozone. But at this stage, what this market is telling you, is that there is no where else to put your money. The FED is forcing everyone into risky assets and thus far it seems to be working.
Currently there is a good chance we see $128.50 on SPY to fill the gap. Until the markets come to their senses the bulls really have this market by the horns. Most importantly tomorrow we have the jobs report. A great figure could further embolden the bulls, while a bad one could give the bears a reason to get back into this "market"