It was rather obvious that today was the day that those who sold out on the correction finally got back in – the action seemed too “rushed” to me, too eager.
We’ll see how this proceeds but the obvious answer right now is that the bull is back on – though I will not get into the prediction business and let things proceed as they may. A couple of interesting points – the health/biotech market is still on fire up big this year (~10%) but what many people probably haven’t noticed is the stealth bull move in gold mining stocks. Gold is up a bit, but the miners are up very big this year. Of course they got drubbed last year so longer term holders are just getting back losses. But those who bought this year are enjoying big profits.