Despite the lack of positive catalysts, the markets recaptured all of Friday's losses and managed 52 week closing highs. However, volume was lighter, so this is not an accumulation day. Last week we had two distribution days each for the S&P and the NASDAQ.AAPL was a big winner today after it announced that January 27th was the day of its much anticipated special event.
Biotechs and healthcare stocks rallied in anticipation of an upset in Mass.
The greenback managed to move higher as well.
Overnight weakness in S&P futures capitulated on Citi earnings in pre-market, then formed an inverse H&S bottom. When the markets opened, buyers were eager to buy the pullback, shorts got squeezed and prices thrust higher.
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