Stocks were sharply higher on the open, on enthusiasm sparked by stimulus to their domestic markets by the Peoples' Bank of China.
The futures pulled back sharply in the first hour to almost unchanged, and then slowly gathered themselves and rose to new highs in the late afternoon hours.
This was clearly a momentum trading rally, and part short squeeze.
Gold and silver were higher along with the dollar, while VIX fell.
And thereby I am calling it 'the everything rally.'
The spokesmodels were talking about 'the new normal' on financial TV this afternoon.
This is going to be a very interesting year.
Have a pleasant evening.
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