Stocks Recover; Full, Headlong, Degeneracy Presently Rampant in Small Cap Materials

The very bottom of the barrel is appreciating with vigor this morning. It’s as if everyone has gone mad all at once.

Crude is ripping higher again, now converging upon $38, higher by almost 4%.

Steel stocks continue to squeeze higher, as indicated by the steel ETF.

Most impressively, and at the center of this chimerical lift, are the renewed lives in the share prices of the dregs of stock market society.

Inside Exodus, we run a momemtum screen, automatically, in what’s called ‘the grid’. Here are some of the names on the list.

It’s very easy to hate a rally born out of nowhere, beholden to nothing. Being a very active and astute student of this wretched market for nearly 20 years, I can tell you that markets will remain irrational longer than you can remain solvent, to borrow a famous phrase. I don’t think stocks deserve to trade higher. But it’s doesn’t matter what I think, right now.

All that matters in the immediate term is the sentiment of Joe Public and how he views the market over the next few days. Eventually, all of the news will come out and prices will adjust.