Yesterday was further validation that the path of least resistance for US equities right now is decidedly upwards - at least while the dollar cannot find any support from global fund managers.
The stock market indices had a very strong up-day today. Most of the gains were had in the morning, and the afternoon was spent moving back and forth in large swings, but they ended up very positive on the session.
Given last week's impressive performance it is not unusual to see the type of price and volume action exhibited by the market Monday. Light volume accompanying price consolidation following a strong rally is generally considered a bullish signal.
The weekly chart for the USD/CHF pair shows that the Swiss currency continues to benefit from its status as the safe haven currency without equal as the flight out of the US dollar continues unabated.
The stock market indices started off on a mixed note with the Nasdaq 100 up and the Dow and S&P 500 down, but there were quite a few stocks on our board that acted very well.
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