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So far the market is holding its gains from yesterday quite well. We might be slightly in the red, but there isn't a sense of profit taking from the masses. In terms of news that could shake a market at its core, soaring oil prices, four more fringe European countries ready to belly-up, Middle East tensions and heightened inflation risk domestically doesn't seem to be worrisome to the bulls. So what else possibly could?
LONG: Fifth Third Bancorp (FITB)
If I've got an obsession, it's obviously the $HUI/GDX analog trade. In spite of all the insanity we're seeing everywhere else ($600 AAPL, anyone?) this chart just looks better with each passing day.
An extraordinary day across a number of markets yesterday, with the breaks through the bollinger bands on SPX and Vix looking particularly remarkable. I've been doing a bit of research this morning on similar setups in the past and they are a real rarity. On the Vix there was only one similar close in 2011 where the Vix both opened and closed under the daily bollinger bands. That was in April 2011 and it marked the 2011 low for Vix, though the 2011 high on equities was a week later. That candlestick on Vix should see a significant low there made yesterday or within the next day or two:
