Dumb money was bullish on yields and they got taken to the cleaners. 2 pm was the moment when they realized all their shorts were losers and risk off went bid. Gotta love the execution algo's that trade ES short. The dealers always win.
Straight gap and crap isn't bullish but the close was hard fought. This is a very interesting price area on indices.
Look how low T-bill rates are. Do you really think people want their money in T-bills? Of course not. They'll move it somewhere else as soon as it's not foolish to do so. Outlook on stocks is looking up!!!
LOL that's like the Yogism "People don't go there anymore, it's too crowded." Rates are low because a lot of money IS moving into bonds. And a lot of money is moving into bonds because the economy is going to be chit for a while.
I know the rates are low because lots of money is flowing there. Do you think anybody is content making 0.1%? Of course not. Meaning there's a lot of built up "energy" just waiting to move out of this. New virus cases are finally showing signs of decline in Italy, possibly Spain. Showing what is hopefully a good sign that the virus has a ~3 week course when it's at its worst in any given place.
First off Bonds are not at 0.1%. And secondly it is not a matter of whether they are happy about the rate or not. Bonds are about safety plain and simple.