US equity indexes closed very significantly higher, SPX +95pts (2.6%) at 3678. Nasdaq comp’ +3.4%. Dow +1.9%. The Transports settled +2.4%. R2K +3.2%
sp’60min
Summary
closing hour action: further minor chop, as the market was stuck from 10am. S/t momentum continued to tick lower, after the 2pm turn.
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… and that concludes Monday. A very bullish day, if not (yet) clearing last Friday’s early high. I see background chatter of 4000/4100s. For now, that still looks far more realistic on the flip side of the midterms.
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notable bond yield proxy: TNX
The US 10yr yield printing 4.01%. Psy’ 5.00% is coming sooner or later.
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notable bond ETF: TLT
A new multi-year low. Target $82s
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notable bank: BAC
Earnings were broadly good, as higher rates are good for business. The bank did massively increase the amount set aside for loan defaults.
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Have a good evening
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more later on the VIX and Indexes by 6pm EST