What a different four weeks makes.
Four weeks ago, the S&P 500 had just taken out critical support. Everyone was panicking that the market was about to implode.
1. At that time, China was continuing to devalue the Yuan as its economy collapsed.
2. Europe was tumbling based on Draghi’s inability to generate inflation.
3. The US economy was rolling over sharply as deflation arose courtesy of US Dollar strength and a Fed rate hike.
Via Dana Lyons' Tumblr,
The S&P 500 Pure Growth Index has broken above a key level that has alternately served as support AND resistance over the past 2 years.
While Asian stocks continued their longest rally since August overnight, led higher for the third consecutive day on the back of Japan (+1.3%), Australia (+1.2%) and China (+0.4%) strength, European stocks have as of this moment halted their longest rally since October (Stoxx -0.1%) and U.S. index futures are little changed.
Submitted by Ben Hunt via Salient Partners' Epsilon Theory blog,
Another crazy day in the markets...
While stocks dropped and popped on the day... with a panic-buying scramble into the close to get Nasdaq unch...
On SPY's lowest volume day of 2016