With the Trumflation rally fizzling with every passing day, the only question asked by traders is "Is it time to sell the market?" According to Bank of America, the answer, at least for now, is no.
In a mostly quiet Wednesday session, Asian stocks rose overnight along with European bourses, which were led higher by miners after Rio Tinto posted higher profits for the first time in three years and a bigger-than-expected dividend, while India’s Sensex extended declines after the central bank unexpectedly left rates unchanged. US futures were little changed as oil continued to fall after API reported a huge inventory build in the last week.
Heading into Monday's session, the S&P had gone for 34 consecutive trading sessions in which it hadn't experienced an intraday move greater than 1%: according to the WSJ's Market Data Group, this was the longest such streak going back over two decades, to 1995. And, following the Monday close, the market made history when it ended yet another day by being confined to a 1% trading range. This made it 35 consecutive sessions without an intraday move of 1% or more.
Bonds bid, gold at 3-month highs, debt ceiling anxiety surging... Buy-The-Fucking-Record-Highs, Stupid!
CNBC was a little excited today...
Per CNBC-
5 Must See Charts and Gold Mean "Impending Market Volatility”