Indexes gapped up sharply at the open and ran all day as the market put together its 3rd strong day in a row. The S&P 500 surged 1.96% and the NASDAQ 2.40%. This three day move is very similar to most rallies we have seen since 2009 in that we call it a “V shaped” move. As usual central bank activism has been a key reason to rally as Reuters reported the European Central Bank is looking to purchase corporate bonds on the secondary markets. Recall, St. Louis Federal Reserve Bank President James Bullard said on Oct. 16 that the Fed should consider delaying the end of bond purchases; the market has gone vertical since.Continue reading
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