Did you see the Dax yesterday…down 120 because the ECB made no noise about massive printing of money. After all, they have been teasing. But soon after, it is announced that in January, the ECB will create massive amounts. This is on top of Japan, China and all the 0% interest rates around the globe. This new round of money printing was a coordinated effort to keep markets from getting worse….and a job well done. Of course, the DAX is up 170 as we write this.
As of this second, there continues to be no sellers. Sellers last for hours right now off of the climax low in mid-October. Yesterday was another case in point. Markets teetered and then just floated back up into the close.
Oil prices down, interest rates at zero, massive money printing and finally, after all the easy money, an economy that is getting traction in the U.S. Markets remain near-term stretched and extended to the upside with sentiment being massively bullish.
Lastly, my Knicks are now 4-16 for the year. Just had to mention.