Because, well it must be right...
If markets are open, you panic-buy... especially if China hints at RRR cuts or QE... Following Yellen's speech which Goldman explained to everyone was dovish... The S&P 500 rose 27 points from Friday's close BUT 32 S&P points were achieved within 15 mins of the opens of each trading session today
And then markets dumped after hours back to VWAP...
[12]
From Friday's close, The Dow was today's best performer as Nasdaq and Trannies lagged... This was the best day for The Dow in almost 2 months - snappinbg ity back above the 50 and 100DMA...
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Which is not a total surprise, as today was the biggest shoret squeeze in almost 2 months...
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A Double Whammy of shorts squeezed today...
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Dow 18,000 appeared to be an important level to prove everything is awesome...buut they lost it and the Dow closed at its initial ramp highs
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The Dow & S&P are now comfortably green for the year; but remain red for March along with Nasdaq as hard as they tried today
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For March, Financials and Discretionary just could not make it... still there's always tomorrow...
[18]
Because fun-durr-mentals...
[19]
Energy stocks soared today.. which is odd given the drop in WTI to a $47 handle (ignoring the idiotic algo rip into the NYMEX close)...
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Meanwhile, Treasury yields traded in an extremely narrow range ending +/-1bps... (long end underperforming)
[21]
The Dollar surged... (foreign buying US assets?) but what is really odd is the plunge in the AUD - given hopes for a China rate cut should be Aussie positive?
[22]
Given dollar strength it's not entirely surprising that commodities limped lower... Copper rose on China hopes...
[23]
With crude doing this at the NYMEX close... come on!!!
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Charts: Bloomberg
Bonus Chart: How we know everything is awesome...
Where do I throw up? pic.twitter.com/22aRVqEq1C [25]
— Not Jim Cramer (@Not_Jim_Cramer) March 28, 2015 [26]