Markets are soaring. The broad averages are up 4%. S&P at 796 and seems to have a problem with 800. Should it continue to lift the next immediate resistance level is 803, some say 805. But that seems like splitting hairs. Now, we must wait to see if current levels hold. The shorts are probably finished covering, now fresh money must come in for bulls to prevail.
To commit more new funds at this level seems a little foolish. I will wait for a pullback. Perhaps not even today.
Energy is very strong. I added to energy last week and would consider adding more to my XOM, CHK and PBR but they are up too high on the day.
Lunch time is the logical choice for the market to peter out. When there were specialists on the NYSE floor they would go to the third floor dining room. Their assistants would take over the “books” and they would be hesitant to take great risks. So, listed shares would slump from noon to one-thirty. Since the markets have been automated this is less of a factor. But even upstairs market makers have to eat. BTW, the NYSE dining room had great food. It was a huge, cavernous place with waiters in dark blue uniforms sporting long white aprons. The tables had linen cloths and large linen napkins. The silver ware was large, way out of proportion. There was a bar, behind swinging doors but I never saw it; members only. My restaurant favorites were the clam juice cocktail and the little necks. I’d have a dozen. The hamburgers were also great.
