Thursday Market Wrap

{+++} The S&P opened strong, then sloped lower from around 10 am  about 2pm then it tried a rally and closed a couple of handles from the highs.

Japan officially and dramatically joined the ranks of the other governments that are buying back debt. Below is a 5 minute chart of the reaction today. As you can see, a powerful opening. You can click on the image to enlarge.


Markets love this stuff, so even though Japanese stocks have had a nice rally this year, it will probably go much higher. The “reflation” trade is all the rage now.

This small correction so far has resulted in a couple of stops which is part of the game.  The non farm payroll  number is out in the morning, but barring a disaster, I would think the market will take it in stride.

Tomorrow could be active either way, so get some rest.


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