It looks like we are getting some markups this morning on light volume. Some markets are closed today and European markets will be closing early. Gold is up $13 overnight in thin trading. This is a hedge fund favorite and might be seeing some window dressing.
I am toying with the idea of replacing some of my SPY short with a QQQQ short. The QQQQ is up about 50% for the year and that is where the bulk of the markets gains are. If market participants are waiting until the new tax year to take profits that will likely be the place to do so.