On Sunday afternoon, the futures opened to the upside and continued rallying into the evening right into Monday morning. What made it interesting to watch was the fact that the movement in the futures seemed inversely synced to the dwindling power of Hurricane Irma as it made landfall along the southern Florida coast.
What started out as a Category 5, or “CAT 5” storm, slowly began dropping to a CAT 4, then a CAT 3, CAT 2, and finally a CAT 1. The futures rallied higher with each lowering of intensity, and by Monday morning North Korea’s announcement that it would postpone/delay its scheduled September 11th missile test sent the market rocketing higher.
This sent the S&P 500 Index gapping and launching to an all-time high close in a nice trendline breakout. That move came on lighter volume, but in this market, I wouldn’t try and make too much out of that. The crowd seems to be expecting the market to pull back and correct here, something the market is always cited as being in need of, but so far it isn’t cooperating.
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