What happened to make everyone go from negative to positive practically overnight . Primary catalyst is the strength in oil. As long as oil hangs in there, roars higher there wont be big defaults in the oil patch, just small ones. We saw it today. The run on crude is incredible. Crude, crude everywhere and not a drop to be able to you cant find storage. You can always tell this kind of thing that oil is in control by looking at how the s p 500 futures trade before the stock market opens. The socalled overnights. Last night with oil up 75 cents the futures looked like they would take stocks up a half percent. As the oil futures traded up to double that, the s p futures suggested that the market would rally up a full percent. It is lock step. In the second positive factor, second factors crept into the market and well talk about it though its political. It is being over looked. Paper tiger. With a small loss hes now buried alive. Now we are hearing about how Hillary Clinton has locked au
It is lock step. In the second positive factor, second factors crept into the market and well talk about it though its political. It is being over looked. Bernie sanders, looking like a paper tiger. With a small loss hes now buried alive. Now we are hearing about how Hillary Clinton has locked audiotape huge number of super delegates and it could be impossible for sanders to win. Where did that come from . I have been saying when we get clarity in the president ial race its good for the stock market. Since the media likes a horse race, be careful. When the map turns to sanders in a month. Maybe the press will declare hes come back from the dead. Knocking out sanders, if hes knocked out, as every piece of journalism i saw this weekend post nevada suggested allows hillary to go back to a moderate money. On the republican side the immediate is trying to keep marco rubio alive. I expect trump to go after marco rubio in a way he are yous the day he announced for president. Now you have a pr
Practically overnight . Primary catalyst is the strength in oil. As long as oil hangs in there, roars higher there wont be big defaults in the oil patch, just small ones. We saw it today. The run on crude is incredible. Crude, crude everywhere and not a drop to be able to you cant find storage. You can always tell this kind of thing that oil is in control by looking at how the s p 500 futures trade before the stock market opens. The socalled overnights. Last night with oil up 75 cents the futures looked like they would take stocks up a half percent. As the oil futures traded up to double that, the s p futures suggested that the market would rally up a full percent. It is lock step. In the second positive factor, second factors crept into the market and well talk about it though its political. It is being over looked. Paper tiger. With a small loss hes now buried alive. Now we are hearing about how Hillary Clinton has locked audiotape huge number of super delegates and it could be impos
, but now the lead has been taken by commodities again. We are seeing a rally in oil prices. Triggered things that this is u. S. Averages. All of them higher. Not huge gains, but some. If you look at the bloomberg commodities, you will see what i am saying. It is a mixed nature in the s p. On the screen. Energy and materials are the best performing groups. Tech continuing to drag. Wti,u look at brent and brent trading above 40 for the First Time Since december. Wti the highest of this year. Investors appear to be optimistic about these meetings between russia and opec nations about a production freeze. And the baker hughes fell to its lowest since 2009. So some optimism about a potential drop in supply. And there are the technicals. A lot of traders have said that put on thehas bottom. Oil stocks are rallying. Exxon mobil, chevron, conoco interbreeding to the gains. Other materials stocks doing well. Dupont has been rising. The european chemical maker is considering a counter bid to do
It is more that it is a resumption of the rally that we had seen originally when janet yellen gave her dovish message. Dissuaded from that view by the fed speakers in the interim who were more hawkish. The double stone is back again and even as alex points out we are not that much up across the board we should point out we are off the highs of the session for the three major averages as well. The two day rally for the major averages is relatively substantial. It began yesterday after we heard janet yellen speaking it in front of the Economic Club of new york. What we have seen is a gain of 1. 4 . On that basis, not anything to sort of ignore. It also means the s p is once again higher on the year. It also means we have seen the market cap recovery of the u. S. 1 trillion since february 11. If you add on todays gain another 200 billion or so. That is the size of the rebound we have seen. The old leader coming back in favor. The sang stocks, whatever you want to call it now. Alking about