Even though volume was below average and the $TICK stayed mostly below 600, the market kept climbing. The pending Cisco Systems major announcement and the announcement itself probably helped. Wireless telecom led the market higher and higher.
We didn't see much of a correction until exactly at 1100 ET. Some program trading software must have been on a timer. Even then, the market only corrected back to the 78-period average on the 5-minute chart. The market is currently stalled near yesterday's high.
Charles
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