After last weeks’ pullback which included an ugly gap day to the downside, we get a 900 point gap to the upside on Monday with a “mystery” rip into the close. We gap up 900 on Tuesday and give it all back by the close leaving tail after tail. In normal worlds, that type of action leads to some downside testing. Nope… as we write this, gapping up about 1% this morning. Normally, 1% would be a good sized gap. Not any more. Quite the piker.
We would love some settling down in here. Settling down makes it easier to measure markets. Not sure it is in the offing.