A lot of emotional trading this morning centered around Oil. Why didn't the market trade down after the bullish oil inventory report? I don't know.
$TRIN was slightly more bearish relative to yesterday, but the $TICK and NYSE Advance - Decline Line remained above the zero line. Buying kept returning into the ES market each time it tested the 0930 ET open.
The end of May and the first few days of June are typically bullish. Apparently, irregardless of what oil is doing, there are investment firms out there that need to do some end-of-month buying.
Interestingly, Financials remained strong all morning.
I did make a profit this morning, but it wasn't easy.
Charles
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