Not a real surprise to see volume jump higher than Monday’s session. After all, Monday’s volume was the lightest all year. For much of the day stocks struggled to maintain any sort of buying momentum from Monday’s session. The Dow struggled with earnings from BAC and GS. NFLX didn’t help the NASDAQ either, but held up okay. This market is going to try and frustrate the maximum amount of market participants. We need to have the March lows hold and continued positive action from our leading stocks.
An interesting development has been the surge in Bond prices pushing yields to year-to-date lows. Odds of a rate hike for June and/or July continue to fall and now below 50%. Odds still favor a September hike, but as time moves it is looking less likely. What will the market do when the Fed doesn’t hold true to its word?
Not much for tonight’s market commentary. We will be grinding away for our subscribers.