Whiplash was the order of the day in markets. Stocks gapped down by more than one-half of a percent to start the week. However, the bulls immediately stepped in to rally sharply until 11 am. They then managed to grind sideways for about an hour…until a strong selloff started at 11 am. By 1:50 pm, the original gap-down level was reached again, but only to whipsaw back the other direction to re-cross the gap and then start back lower about 3:20 pm.
With 30 minutes left in the day, all 3 major indices sit very near flat on the day. They have all posted something like white, Spinning Top candles with more wick than a body and at least some of the wick on each end. And once again, volume remains below average. Three of the 10 sectors are green, with Consumer Cyclical by far the biggest winner and Energy by far the biggest since sector on the day. 10-year bond yields and oil (WTI) have both fallen significantly so far today
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