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A Buying Event

Talk about a buying event.  Better than expected numbers from the ISM service index coupled with the expectation of more quantitative monetary easing by the Feds and you have a bullish market with better than average volume.  What does this mean?  It means that institutions are buying, pushing market values higher on "thin" fundamentals.  I suspect that once the retail trading community jumps in with both feet, the institutions will sell to book profits.

Metals moved higher and gold hit new records, taking the GLD to overbought territory. 

We'll start to see labor data tomorrow with ADP numbers.  Employment should be the weeks major report, but surprisingly the markets reaction to a report that in most scenarios gets little play may mean that the investment community is only looking for reasons to buy, not sell.  No matter, volatility will be a friend to market movement and option values will be increasing through the next several weeks as expectation of movement drives sentiment.

Where's the correction from Septembers up move?  Not here yet, but let's see what employment data brings the next few days. 

Disclosure: Long on GLD