Despite trading volume being light as is usual for the holiday-shortened week, enough follow-on buyers participated to continue raising prices across the broad market.
Investors anticipating a historically typical year-end rally are basically causing one by piling into stocks that began to show signs of a rally three weeks ago.
Nice to see more “green” (highlights) among our stocks. Many new weekly highs as long positions take flight, while more of our short positions continue to reverse into longs, and remaining short position gains shrink some.
There are still many stock market forecasters expecting a big decline on the basis of many troubles about to manifest (more bank failures, commercial real estate defaults, and lack of consumer spending) but for now, at least, institutions are buyers as they seek to improve their performance by end of year.
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