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Bonds are up, and some European banks are still tanking, such as BNP Paribas. However, equities here in America are holding the lion’s share of their gains from this morning, which has many market participants scratching their heads. The simple answer is that the market is going to do what it wants to do, regardless of what many say “must” happen if the turmoil continues in Europe.
Looking at a 10-minute chart of the SPY below, you can see we consolidated the gains in an orderly manner, and are now threatening an afternoon breakout. Also check out KGN, a small-cap gold miner with loads of potential for momentum traders here. I still maintain that the miners will outperform the metals, and if that thesis comes to fruition I expect the high beta miners to get their freak on.
We live in a crazy world with a crazy market, but it doesn’t have to be ugly. If you focus on price action, it can be fairly sexy. Let’s see whether the sexiness is merely a product of beer goggles, or whether it is the real deal in the coming days and weeks.
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Did you ask your sister’s permission before posting her pic on your blog?
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lol don’t get cocky after 1 Giants’ victory, my friend