Wow what a massive squeeze and strong movement in market based on Intel earnings last night. Market always amazes me from how soon sentiment changes from bearish last friday to suddenly extremely bullish today. The rise was on low volume nevertheless rise is a rise and price is king. Another divergence was that the VIX also rose which is not a good sign for bulls and we are sure in an overbought condition. I think things have started turning around to bullish side and this correction might just be over.
Looks like reflation trade is back with dollar taking a dive today while gold and other commodities rising along with crude oil. Sector wise even though news was bullish on Intel material and steel sector was the clear winner and as suspected healthcare biotechs were laggard.
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