A huge last hour rally saw the markets surge back into positive territory, making gains for the day overall. The Dow saw a trading range of 420 points, the Nasdaq 108 points, and the S&P 50 points.
Now I don’t want to get carried away with all this – and we’ll have to see how the rest of this week pans out, but a last-hour rally like this is typically a good thing for the markets, at least in the short term. We’ll have to see how the OVI responds overnight, but given this last hour’s trading, I wouldn’t be surprised to see a sharp rally manifest.
Medium term I think things are still very wobbly, but we have to trade what we’re seeing right now.
Guy