During his press conference yesterday, Biden admitted that he chatted to Powell (about The Fed s independence ) yesterday. Are we seeing the result of that today?
All major equity indices suddenly exploded higher as the cash market opened with Small Caps the most ridiculous followed by Nasdaq and the S&P, all of which erased yesterday s losses. Some selling in the last few minutes took the shine off an otherwise perfect squeeze higher, with the S&P falling back into the red from Friday.
There was barely any net selling pressure today. this is one of the wierdest intraday TICK charts we have seen.
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