Hi everyone, Mark here. Today is my first video recap which you can find on my Ticker.tv channel here. I’ll probably start doing a few of these each week and try to do live sessions for 20-25 minutes in the evenings in the 6 PM to 7 PM EST time zone. You can click “follow” on my channel and you will get a notification when I start a new session.
Today was day 2 of a massive rally and it appears we might be right back to the now infamous “V shaped” rallies that have marked most of the past 6 years. These are 180 degree turns off the bottom that go straight up from there. The S&P 500 jumped 2.40% and the NASDAQ 2.24%. Indexes gapped up huge the open and never looked back. The Federal Reserve remains the most powerful drug on earth and yesterday’s dovish commentary has resulted in a vertical move.
“Just as with other instances, a dovish Fed is making up for a lot of bad news, from Europe and from other parts of the world,” Russ Koesterich, chief investment strategist at BlackRock Inc., said in an interview. “This is why you have this rebound rally after a few days of very harsh losses.”Continue reading