Up sharply from yesterday's close.
Sea Of Green™ ...on hope, not fundamentals.
Hope that central banks will roll out a coordinated policy response, hope that Cameron's meeting in Brussels will finalize the UK's exit from the EU, hope that Italian banks will get a bailout, and hope that Japan will embark on more stimulus measures.
No talk of stronger earnings, revenues, or sales. Just hope for more intervention.
Oh, former Fed chairman Alan Greenspan wants a return to the gold standard.
Don't be fooled. If the dollar were to be re-pegged to the price of gold, it could be devalued overnight, yet again, at will, just as Roosevelt's Gold Reserve Act of 1934 devalued the dollar by 41% when the price of gold was "adjusted" from $20.67 per ounce of gold to $35 per ounce.
GBP higher, USD lower, AUD higher, CAD lower, JPY & CHF weaker. What a day so far.
Volume is contracting as treasuries consolidate at highs. If the next move has still less volume, may look at the short side.
WTI crude made a new swing low last night, but did so looking choppy. NG ripping to new rally highs. Volume drying up.
Sea Of Green™ in equities putting a dent in metals except for copper and palladium thus far.
Some cool voodoo. Price is bouncing from an exact 1:1 price/time match from the February lows which backtested an internal trend line and closed at a perfect 38% retracement of the rally from the February lows. Sometimes market create beautiful symmetry.
While yesterday's chart is still possible (showing a possible wave correction before new all-time highs), not forgetting this one due to the amount of hope in the air.
Yesterday's chart reposted for reference. Today could be wave iv, or possibly the wave 2 low.