The Bank of England came to the rescue of the gilts market this morning, pledging to buy 'an unlimited amount' of bonds.

While this was obviously just kicking the can down the road as they say, on the premise of easing pressures of dislocation and disorder in their markets, traders nevertheless chose to take it as a sign of more general central bank intervention.

And so stocks rallied sharply and held their gains into the close.

Gold and silver were smacked down hard in the overnight, as a gut punch to the new holders of futures contracts from the recent option expiration. 

But with their expiry manipulation done, gold and silver rocketed higher.

The Dollar fell sharply off the signal to the markets by the BoE and the new appetite for riskier assets. It was very overbought.

Bully managed to take stocks off the danger of breaking down through the important second low.

Let's see if they can keep it up.

Have a pleasant evening.

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