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.
Yesterdays strong reversal off the morning lows may very well have marked a low for this market. Not a generational low. But one that could lead to higher prices into the summer. Why? Because the size of a wick matters and yesterday's price rejection offered a wonderfully sized wick at the closing bell.
The Fix is In? Better yet the VIX is in? I covered this topic over three years ago: The FIX is IN
This mornings massive Spike off the morning lows brought with it such a vigor and a confidence that had me scanning for news. Was there another Russian Jet shot down? That spiked stock futures. Had a another Ebola patient toured NYC bowling halls and night clubs. Perhaps a thimble size country had decided, without warning, to take 30% of its residents savings?
