If you just looked at the S&P right now, you’d think today was just a modestly positive day.
But in reality, there’s all kinds of positive action all around.
Without question the most remarkable activity today is in European banks.
The Stoxx 500 Banks Price Index gained 6%, and it ended the day right at the highest possible point.
Also, for the second straight day Treasury yields are going up. Finally!
The 10-year might actually get back above 2%, suggesting that the extreme fear-based safe-haven bid is starting to abate.
The euro is also a having a big day, zooming back above $1.29 against the dollar.
None of this is to say that the rally will continue, but it feels like other aspects of the market, where there were pockets of scepticism, are starting to join along.