This morning stocks gave up their early gains and looked poised to fulfill that correction scenario everyone seems to think is coming. Let's not get into the reasons, because we know its a lot easier to give a reason for stocks stocks to fall, after they fall, than it is to actually position for a fall because of said excuse. Monday Morning QB's don't have an off season in the stock market. Just ask those bears who were already penning their 150th "yeah I nailed this downside" blog post this morning as stocks reversed lower.
Yet again morning market weakness was just another opportunity for dip buyers, corporations, Central Banks, and/or the Plunge Protection team, depending on what disgruntled bear you ask......, to buy stocks at cheaper prices. Since 2009 each dip has worked out tremendously well for the dip buyers, and I didn't think this morning's dip will be any different. Even better I didn't give up today, I remained patient, and the market kindly cooperated. Everything came together.
Bonds fell off a cliff.
Anyone reading last nights update saw the looming overhead resistance. A level $TLT just could not break. Today buyers left and bonds collapsed.