ES's Strange March Higher Overnight

Here's the odd move...

The move overnight and to the present in a low volume environment sees a steady march higher, almost like short covering.

Early commentators are saying Alcoa's 7% aluminium forcaset growth (above 6.5% consensus) is driving a commodities rally, however that seems strange.

AA closed at $9.43 and closed AH trading after earnings at $9.50 (at the red arrow, after that is pre hours trade), so there wasn't much of a move in the stock after the report.

The Euro would be the next place to look.

The red arrow is yesterday's 4 p.m. close and while the Euro is trading higher near $1.28, it certainly hasn't been the smooth ride up that ES saw. The Euro would have contributed to some gains, but not of this magnitude and the trend wouldn't have been so clean.

Others claim that a statement by ratings agency Fitch helped move the market higher on word that they don't expect a 2012 downgrade of France, however as far as I can tell that came out at 5 a.m. EDT, well in to the move.

Here's the Fitch announcement, it practically had no effect on the trajectory of the trend at all.

The only other story was that China is set to "Actively" push investors and pension funds in to the stock market, but again this was a late night story with the trend already underway. The look of the trend itself is odd with few pullbacks and even no noticeable effect to the upside on seemingly good news, it's almost as it was set on a course and ignored events.