The market opened in minor chop mode, but with no downside power, it was just a matter of time before equities built rather broad gains. The net daily gains give high confidence that sp'2322 is a key short term low. In theory, the market should battle upward to the 2425/50 zone by late April/early May.
Volatility was naturally continuing to cool, with the VIX already cooling back into the 11s. The 10s are clearly due, with the 9s viable if the bulls have a case of mild hysteria within 3-5 weeks.
Here in the metropolis...
|Sundown.. 2.20pm EST.|
It was another reasonable spring day. More importantly - for those in the northern hemisphere, we're another day closer to summer warmth, which I really am bullish about.
Don't forget, extra charts in the late evening via https://twitter.com/permabear_uk Any retweets guarantee citizenship*
Goodnight from London
*Would you like to know more? see: http://www.imdb.com/title/tt0120201