Smooth follow-through rally. One based on laggards like coal and trip-related stocks like Priceline (PCLN) and TripAdvisor (TRIP), and beaten-down stocks like Linn Energy (LINE). (I sure wonder about the mechanics of that raid and how many got short it and who did it, knowing that the SEC would have to investigate even as the options strategy had been repeatedly blessed by just about everyone who was anyone in regulation or accounting. I guess only the SEC can find out, but it is worth finding out for certain.) Even the gold stocks prove they can rally.
We are now in one of those markets where we seem to have a new safety zone for bonds. If they stay below 2.75% we can get a rally and if they don't we can sell off. Hopefully we get an announcement soon that the tapering has truly begun so we can eliminate that uncertainty and guessing game. I just wish it could be announced simultaneously with some sort of infrastructure initiative from the White House and Congress, but that's a pipedream. Anyway, all the money saved has to go to Medicare spending. Perhaps one day the government officials in charge will actually read one of the stories about the outrageous regional pricing of so many procedures and crack down. That, plus an immigration bill that allows millions of new citizens to pay into the system. Otherwise you can bet that affordable care will start when the tapering starts in earnest and we will have higher rates and higher costs, something that only the biggest of businesses can afford.
Of course, it's the biggest of businesses that are rallying, so I don't even know if it's bad for the market anymore. Just bad for the individuals caught up in the mess and having to pay more for less healthcare, which we know is where we are going.
Quiet day. Up day. Simple day.