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CHART OF THE DAY: THE INTRA-DAY ACTION IS WHERE IT IS

Today’s chart of the day comes to us courtesy of Tim Backshall at CDR.   In a sign of the speculative nature of the rally, the intra-day moves have dominated the majority of the action during this rally.  Historically, the majority of market moves have come when the market is not actually open.  Futures and other market moving news tend to sway the markets before actual trading begins in NY at 9:30AM.  But this rally has been entirely different.  The majority of this move has actually occurred during the trading day after most major news has already been digested:

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