I think the financials performed very strongly today even when ES was deep in the red was a clue. GS, MS, C were all pushing to go higher.
Whats changed? Nothing other then we were very oversold, if you believe we're not going to go back down after a couple day rally you're mistaken IMO. PPT ROTFLMAO
nothing, I used to think the same exact thing, however around 12pm today I thought the market was just soo oversold that it was about to bounce so I sold inverse funds and went long, the market is irrational and will act irrational on the down and upsides.
Definitely a delayed reaction the 75 bp bopper from Ben. This smells like a short term low, I think its safe to buy here until the FOMC meeting. After that, all bets are off.
As I said elsewhere and many times before, the most viloent rallies occur in bear mkts, this one was gift wrapped, take advantage of it. It may only last through the end of the week, depending on the trajectory.
I totally agree with Frank, some of the most violent rallies occure in bear markets, but when the music stops you better get out of your longs quickly.