Since they didn't even bother to provide a plausible reason for the aggressive strike on another country while in the midst of peace negotiations, it should not surprise that they did not bother to provide a plausible rational for today's record breaking rally in stocks, and slamming of the price of crude oil.
Regarding the stock market action today Jason Goefpert observes:
There are 2 days in history like today, when the S&P 500 SPY rallied at least 1% to within 1% of a new high, and more of its stocks fell to new lows than highs.
• Jul 23, 1929
• Dec 21, 1999
This is a dangerous narrowing of a highly stretched Index valuation without a base of more general growth in the broader market. It is a sign of a topping secular mania.
The witch of November is waiting.
There will be an option expiration for the precious metals futures option expiration on the Comex this week on Thursday the 24th.
The SP futures set a new high. The NDX tried its best but could not quite do it.
Bitcoin (BTC.X) rallied sharply today breakup out of its short term trading range. Let's see if they can build on this.
Volatility remains subdued, remarkably.
Have a pleasant evening.
Comments
Log in or sign up to join the conversation.