Just another day, low volume rampathon to take ES to a high of 1687.50, taking out the May 22nd intraday high. Currently, ES is up 10.90 handles at 1686.75, and volume is super low, with only 460k minis traded. Philly Fed beat, which added more fuel to the ramp. Find it very funny, when even the chairman himself said yesterday that the economy is very weak, and yet we rally to the moon. Add in revenue misses from major companies, and we should hit 1700 in no time. Part 2 of Ben’s Testimony is set to begin momentarily, link here. Oil has exploded to the upside, currently 107.60, which is great for the consumer <Sarcasm>. To say the markets are overbought here, is an extreme understatement.
VIX has been pushed lower yet again, collapsing to a session low so far of 13.23 (-4%).
The best of Bernanke from Yesterday:
- If the Fed were to tighten policy, the economy “would tank”