Intra Day Market Update – The Squeeze Part Deux

For the second day in a row, the market is experiencing another mid-afternoon squeeze. Unlike yesterday, though, there's no apparent (bogus or otherwise) catalyst for this round of buying. Regardless, it's pushing the major indices quickly towards the unchanged mark and has taken five of the nine sectors into positive territory. Unsurprisingly, the first to cross over were the so-called defensive sectors, which have been showing relative strength for most of the day, but it's interesting to note that consumer discretionary (+0.25%) has seen a strong push higher.

We'll see how this plays out, but with yesterday being Day 1 of a possible rally, it will be important for the market to at least hold on to its gains as we watch for a follow-through day.

Dow: -0.66%
Nasdaq: -1.35%
S&P 500: -0.50%