Markets were short-term oversold entering Thursday. The assassination of anti-BREXIT MP, Jo Cox, prompted bulls to squeeze shorts as BREXIT was either put off or gave anti-BREXIT forces time to win the day.
And, that’s that.
There wasn’t any other news, although oil prices fell sharply. This reversed previously strong prices which were a positive factor in rising stock prices overall.
I’d chalk today’s rising prices today simply as a short squeeze period.
Rising stock prices were once again focused on the Dow which soared nearly 300pts off the low after the assassination. Other sectors limped along. Gold and Gold stocks fell sharply as did crude oil and other commodity prices.
Frankly the day saw mixed trading overall despite the Dow’s gains.
Below is the heat map from Finviz reflecting those ETF market sectors moving higher (green) and falling (red). Dependent on the day (green) may mean leveraged inverse or leveraged short (red).
Volume was very high in anticipation of quadwitching on Friday. Breadth per the WSJ was negative.
Chart Of The Day
Barring any other calamities, I’ll not do another Dave’s Daily until next Tuesday.
Let’s see what happens.
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