At 12:30 the averages are up 1.5 - 2.5%. Quite a day for one that was supposed to be quiet.
There is some speculation that this is end of the quarter mark-up time, which is possible. More probable in my opinion is that there are people who still need to get long, and show that they are long at the end of the quarter. The S&P 500 is up over 15% quarter to date. If you are a client of a pro who missed that, you will be pretty unhappy when you get your quarterly letter next month.
My new investing rules for 2009:
- anything can happen
- nothing will surprise me
- I will stay flexible
- I will not get greedy