Overnight.
Dow Jones +2%. SP500 +2.57%. Nasdaq +3.59%. Small Caps +2.11%. Banks +4.15%.
SP500.
Yesterday's "tombstone'' candlestick suggesting the end of the pull-back played out today with a big upside move. Expect a test of the most recent high at 4417. SP500 finished at 4278 today.
Commodities.
The exponential rise in Commodities is over. What normally happens after a big fall like this is we get a bounce and the "crowd" believes that the charts will go back up to new highs. But the rug is pulled from under their feet by the "smart money" and you get a lot of trapped bulls, who must then sell as quickly as possible to avoid further losses, accelerating the downside move.
Commodities Index -7.94%. Energy -11.2%. Base Metals -8.37%. Gold -2.97%.
I said recently that this rise would end badly - last night was just plain ugly.
Iron Ore -2.9%.
After 90 minutes of trading today, XJO up about +1%. Energy and Materials have slumped, but Financials and Information Technology are doing exceptionally well.
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