The S&P 500 surged as cooling PPI data and easing Middle East tensions drove oil and the VIX lower.
Following the great reversal of Sunday's bearish gap, the S&P 500 (SPY) could have rested longer than during Tuesday's premarket. PPI was poor, but less bad than expected, and the market ran with it – it did so non-stop after the opening bell, no concerns about valuations, focus was on lack of negative Mideast news, forcing both oil price and VIX lower.
Is the question of true ES recovery vs. dead cat bounce already resolved? What would market breadth and the dollar say?
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