Once Again It Is Groundhog Day In The Markets
Once again, the major stock indexes rallied higher after a quick decline in the first hour of the trading session. This same pattern seems to be repeating nearly every trading day since late December 2011. Many traders and investors are now looking for this pattern to occur on a daily basis before the noon hour.
The trading volume on all of the major stock indexes remains extremely light and this will usually favor the upside in the stock market. This afternoon, the SPDR S&P 500 Trust (NYSEARCA:SPY) is trading just 88 million shares as of 3:20 pm EST. In early December 2011, the daily average volume on the SPY was around 230 million shares a day.