Wow wow wow. Who woulda thunk it? Market down at the limit (-5%) last night, and this morning it all turned around.
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The Dow is just a hair below it's all time high on massive volume, with the S&P not far behind, about 30 points from it's high. I was shocked to see the S Fund (W4500) up 235 bp. Yowza.
Perhaps even more surprising was the normally "safe haven" bonds, AGG, had a huge fall:
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I would expect a bounce higher in bonds in the very near future.
Biotechs were one of the big winners with this rally. BTK (Biotech index) was up over 9% today. Mr VIX plummeted 23%. Just incredible numbers all around.
It'll be interesting to see how much staying power this rally is going to have, or if it peters out soon. For now, I'll ride the wave, with my composite reading a healthy +3. I'll be keeping my eye on internal strength, and the oscillators to stay informed of any changes.
Good luck!
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