Well…we told you after the close yesterday that we expected some sort of rally as tech/semis/nasdaq were shining underneath the surface of the DOW down 562 points. Little did we know we would gap up around 1,000 and finish over 2,100.
Just a few thoughts:
More of central banks taking over the market. We hear they are buying up bond etfs. They are now going to add $4 trillion of printing. This on top of Kashkiri saying their money is unlimited even though it is conjured up money. A measly $2 trillion coming from DC but expect that number to rise a lot more.
As we scanned 1500 names tonight, just a lot of recoveries. Saw some 40% moves in names that were down 80%…which makes them still down 70%.
So let’s call it a darn good low for now. There is always the chance it is THE LOW. We would not be against that but a lot of work ahead.