I suspect the ‘support’ we are seeing is the closing of short positions. The ‘Wall Streeters’ like their summer breaks (not all take them though) and most of them don’t like open positions when they are on a break (particularly margined and short positions). I suspect that after June, we may get volatile because many of the ‘players’ will have left for the summer, so overall volume will be weak and it will be easy for the remaining players to move the market.
That said, it may also depend upon how well the ‘Wall Street’ players did during the year.. on whether many do take the summer break…. in the Hamptons…
