One again, market players are caught poorly positioned and are forced to scramble for increased long exposure as both FOMO and a short squeeze gain traction. There is no specific news to account for the strength but sentiment continues to improve primarily due to optimism about reopening the economy.
The bears continue to jump up and down and point at the horrible economic stats but the bulls shrug, chant 'don't fight the Fed', and keep on buying.
Breadth is 6 to 1 positive again but the number of new 12-month highs is still stuck around 100. This is very correlated action but good stock picking is still working.
One name that I will be adding to as it develops is Ocular Therapeutix (OCUL) . The company did a secondary offering last night at $5.50 and is trading quite strongly so far. I'll be averaging into my position as it finds new support.
The high level of skepticism is what is driving this market. Anyone attempting to navigate this market based on macro-economic analysis is going to have a tough time. Picking individual stocks is much easier but make sure you are focused on trading rather than investing.