We noted yesterday that the big up move had the feel of a cocked-gun getting fired.
Basically, we’ve had continued good news on the macro front, but it seemed as though negative headlines were whacking US equities.
What’s interesting is looking at a chart of copper. While markets were breaking down, it bottomed and started rebounding several days ago, taking its cues from the macro news, and not the headlines.
Thus yesterday’s huge stock gains — and the early gains we’re seeing right now — are in large part catch-up.
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