It’s a long time until the market opens but S&P 500 futures are pointing to a second day of gains. S&P 500 futures are 12 points higher at 2032.
There’s no clear catalyst for the rally but here are a few thoughts.
- Oil prices are rebounding. Oil stocks are so beaten down, they can carry a few points themselves
- This market doesn’t need a reason to buy, only a reason to not sell
- ADP was better than expected
- Traders has seen a few times recently how sentiment can turn on a dime, no one wants to miss the bull bus
- We’re one week into the new year. Many asset managers wait for the smoke to clear before allocating funds
