Market Rallies on Berlusconi's Expected Resignation: Dave's Daily

Perhaps this is now the "no-news-is-good-news" market since a rally on Berlusconi's resignation is beyond irrational. But, we're long so I shouldn't complain too much even though emotionally there isn't much to like overall. The only bullish thing is the action of the tape and this is the season when bulls can make their year.

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So, as indicated stock prices shot higher on the Berlusconi news. Gold prices saw some profit-taking, the dollar was weaker, commodities stronger and bonds weaker.

Volume was on the light side and breadth per the WSJ was quite positive.

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I have nothing further to add today since every market is trending and correlated with SPY.

Enjoy your evening.

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