Sometimes market action can't be explained, it just is. Such was an action today. Anybody tell me please, why Dow was almost 170 points up? Why S&P 500 pierced important technical level of 1080 without any hesitation? I didn't see any great news, Greek situation is still not resolved, Dubai essentially declared bankruptcy, so what happened? M&A activity? Some deals, but nothing out of ordinary. Barklays earnings report? Nobody cared about good earnings last couple of weeks.
The only reasonable explanation: funds received a lot of new money lately and put it to work. Now let's see what happens tomorrow, next S&P 500 level is 1120.