Not a thing curious about today's lift. Last week's [unusually] hedged longs apparently became today's [largely unhedged], technically-driven asset allocation into equities.
According to Pete Najarian during tonight's Fast Money "Word on the Street" various indexes saw put volume exceed call volume by 2-1. I would assign to this the same conclusion as was given to CBOE activity the past two weeks: some was for hedging and some was for prospective short positioning.
Diminishing relative strength supports my view that, the market probably is nearing a top and not poising to explode upward (as is claimed by those citing a phantom inverse head and shoulders that is absent such volume as typifies accumulation — first, during the up-leg of the right shoulder, and now accompanying the neckline's penetration).
Look for top toward the end of the week.
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