A much overlooked but important factor driving stocks higher is short interest is as high as March 2009 lows and near the highs of June 2010. This can alone stimulate HFT algos to launch short squeeze trades much in evidence Monday. Volume was much lighter occasioned by Irene which made HFT trading easier. Breadth was quite positive and we might even be short-term overbought now.The VIX while declining is still elevated, NYSI is negative with a slight turn and the NYMO is definitely now overbought short-term.
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