“…..Here’s where we stand – heading into yesterday the S&P 500, Dow Jones and Russell 2000 had been in a three-way race to outdo each other in the record highs department. All three had been relentlessly ripping to greater heights throughout the spring and just about every sector and sub-sector had joined the rally by early April.
When we didn’t get the traditional Sell in May pullback that so many had been positioned praying for, things just went parabolic for a week or so. Large cap pharmas like Bristol and Lilly began putting up dotcom-esque gains, highly speculative solar stocks began populating the most active lists and hedge funds took their short-squeezing, options-chasing activities into overdrive.
And then before you knew it, everyone was on the same side of the boat again…”
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