Technology bulls took flight early Thursday morning and never looked back. The Nasdaq 100 soared to 15,572, a gain of 1.7%. The benchmark index is now ahead 570 points during the past four sessions, states Jon Markman, editor of Strategic Advantage.

More importantly, another bearish trope has been slain, as the number of advancing issues continue to swamp decliners. Combined breadth for the NYSE, Nasdaq, and Amex exchanges on Thursday showed 71% gainers, versus 26% losers, and 3% unchanged.

Over the same three exchanges, 76% of stocks are above their 50-day moving averages. These improving metrics underscore that professional money managers are deploying cash hand over fist to gain exposure. It’s the ultimate FOMO trade.

Many pros have been underinvested, or worse, stuck in defensive stocks awaiting a 2023 economic recession. They have been convinced by sell-side strategists and economists they need to focus on the day-to-day machinations of the Federal Reserve, and economic data points to guide their longer-term investment decisions.

To borrow a hockey metaphor, they are worried about watching the puck, vs. skating to where it will end up. This narrow gaze leads to paralysis, and underperformance relative to the unmanaged benchmark. The skeptical pros are now frantic to make up lost ground.

Pros are buying every dip for the shares of large liquid companies, and now shares of smaller businesses, too. All of this is likely to continue unless bears can change the narrative.

Support for the Nasdaq 100 is 15,020, the rising 20-day moving average. There is no meaningful resistance until 16,573, the November 2021 record close.

Learn more about Jon Markman here...