The Closing Look
Stock Market Commentary:
U.S. stocks continued their 3-day rally as the market continues to bounce from deeply oversold levels. It is important to note that new leadership still remains virtually non-existent and the market continues to be led higher by beaten down areas such as Materials ($XLB) and the Transports ($IYT). The Fed released the minutes of their last meeting at 2pm EST and, as expected, the minutes reiterated the Fed’s recent “data dependent” stance but seems Ms. Yellen, all of a sudden is worried.
Gary’s Thoughts: Well…we thought and told you a low was being put in last Thursday but wow. Just tells you how bad things got.
There are some markets that are still deeply oversold in spite of the recent bounce, i.e. Nikkie and Nifty…maybe they will catch up.