The index opened Wednesday’s session with modest losses, but within minutes, supply dried up, and dip buyers rushed in, shoving the index into the green. It remained there for most of the session, but a bout of momentary second-guessing knocked it into the red in the final hour of the day. But that momentary selling was the best bears could do, and the index bounced into the green in the final minutes of the session.
Without a doubt, this market is not in a hurry to go anywhere, but anyone betting on a collapse is going to be disappointed. There have been countless excuses and opportunities for stocks to tumble, yet every time, stock owners shrug and keep holding. This situation can’t last forever, but it will take something new and unexpected to convince these confident owners to sell. As we’ve seen over the last couple of sessions, undercutting 5,200 isn’t going to do it.
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