Another named calamity ready to bestow a massive correction in stock prices has come and offered yet another reason why every named sell-off since the March 2009 lows has been a great buying opportunity. The Brexit Breakout, the most recent named sell-off has launched the S&P500 above its long term consolidation range and to new record highs.
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Morning Outlook
The market continued it strong rally from Monday's lows, with the VIX yet again leading the way. Perhaps more importantly the financials are picking up some momentum. Yesterdays stress test and subsequent share buyback announcements should continue to put a bid under financials, which in turn should help keep the overall market moving higher.
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