Stocks got a little lift today on what I do not know. Draghi made some veiled references but for the most part the Euro kept up it's inexorable climb along with the JPN YEN holding up at year highs. Who would have thought the dollar would be in the tank and the two most troubled trading blocks enjoy bouncy currencies. Dollar weakness should equal gold strength and we did not see that today. The 1 day hold in GLD killed the momentum and the IV.
Stocks continue to rally with the earnings surprising just about everyone. Day to day the SPX finds a way higher and higher for no apparent reason. The squeeze in commodity names has the whole sector trading again. Witness the dead turnaround in the miners today. If all that excitement is too much for you, boring old INTC might work.
Stocks got a nasty jolt this morning when the ECB took a step into the unknown with a continued push for negative interest rates in the EU. 6 years ago when things needed a jolt I can see the Monetary Priming have a material affect that was so lacking in the 1930’s. Now that we are in round 6 or 7 the diminishing returns are in. Volatility got a massive bid up.