Stocks Fly On Debt Ceiling Hopes

Stocks soared higher as investors fully price in a positive resolution regarding the US debt ceiling. NQ futures led the way, rallying almost 3%. Although, NQ futures continue to breakout to new highs, Friday's price-action depicts a potential (buying) exhaustion at a daily and weekly level. For this to happen, stocks would have to be uniformely dissappointed to stat the new week. Also, if the ES futures price fails to produce a similar breakout it would invalidate Nasdaq 100's recent strength. Its still too early to call given how close ES futures are to the year-to-date high. As for the dollar and interest rates, both of them have been on a tear and each stabilized recent strength amid overstretched daily studies.