US equity indexes closed rather powerfully higher, SPX +107pts (2.6%) at 4277. Nasdaq comp’ +3.6%. Dow +2.0%. The Transports settled +2.8%. R2K +2.8%.
sp’60min
Summary
closing hour action: choppy, but leaning upward to break a new intraday high of 4299. The final minutes saw some cooling. S/t momentum ticked subtly lower, settling on the high side.
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… and that concludes Wednesday. It was a day for the bulls, as they finally managed to bounce, but also hold the gains. The s/t cyclical setup favours the bears… but I’m suspicious Thursday will initially be positive, unless CPI is super hot.
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notable stock: CFVI
Considering the main market bounce, today’s performance is lousy. If sp’3500 or lower, maybe the $5s ? To be clear… I REALLY like this one for the mid/long term.
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notable bond ETF: TLT
Bonds lower… as yields rebound… ahead of CPI.
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notable fin: BAC
Banks just bouncing with the main market. Higher yields helped. The problem is that so long as the main market is broken… the banks will be vulnerable. I have to see a move in BAC to at least psy’$30.
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… a hazy sunset, some four hours ago. The days are noticeably getting longer. I see the US clocks change this Sunday! UK/European clocks will jump ahead one hour… two weeks later.
Have a good evening
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more later on the VIX and Indexes by 6pm EST