This mornings top reads:
General Options Blog
The Week Ahead Webinar : May 10th, 2015
Next Weeks Earning Reports
Friday Focus – The Week That Never Was
At around this time last evening as I was writing what to expect today, I also mused that if this was indeed 2015, that stock would levitate to Monday's levels. Leaving the mid-week sell-off nothing but a distant memory. Another failed chance for that highly anticipated correction to occur.
After today's sharp jobs report rally - 2015 is indeed alive and well. Three months of consolidation continues. While prices gyrate on a daily basis it feels like each week ends precisely where we started. I imagine closing the markets this week and just saying stocks were flat wouldn't sit well with the HFT's.
Instead early in the week Yellen said stocks were over valued - the market fell. An hour into Thursdays session the market realized this was the same Yellen keeping ZIRP and forcing the world into risky assets and stocks took off.
Sandwiched in between Mondays opening bell and Fridays closing bell was the same 100 or so words we've been hearing about since March 2009 just re-arranged in a different way. Debt, Greece, Interest Rates, Bonds, Jobs, Unemployment, Poor, Shrinking, Bubble, Expanding, Crash, Unsustainable, Growth......
A wonderful tweet from Howard Lindzon encapsulates this historic bull market and rally to record stock prices.
It is now almost five months into 2015, has the easy money been made?
No Way
After yesterday's sharp sell-off stocks stabilized today and rallied to close near session highs. 2015 has been a 'spin your tires in the mud' affair. Would it be any more appropriate if tomorrow's jobs reports sparks a rally back to Monday's levels?
Today's action: