The dollar is down slightly. Oil is flat, copper is up. Gold and silver are down. Bonds are down.
Big up day for the market yesterday. Most of the gains were registered at the open via a gap up, but it’s definitely a victory for the bulls to hold the gains. Volume was strong – the strongest it’s been in a month and the strongest up day since the day after the State of the Union address.
The dollar dropped hard…financials jumped…so did industrials, tech and materials.
The question is whether yesterday’s move can start the market’s next leg up. Can news do that? Brexit turned out to be no big deal, so is it really that great the pro-EU candidate is the favorite in France? I’m not entirely convinced. Yesterday as a good start, but the market has more work to do. The indexes remain stuck in ranges, and the internals need to improve.
Yesterday was a good first step, but the market certainly isn’t “in the clear” yet.