The NASDAQ Composite Index has almost reached its prior all-time highs as the QE-infused rally persists. As I wrote over the weekend, the extreme liquidity in the system has the ability to drive the market higher when the news flow is seen as benign. That was the case today with the better-than-expected ADP jobs number and the feeling that the current protests and riots had simmered down overnight.
Put it all together and you get a big rally that takes the NASDAQ within spitting distance of its all-time highs. What I found somewhat notable today was the fact that the index churned around in a relatively narrow range on much higher volume.
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