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Early Ramp Job Stalls Out

03-26-2019

The market was initially back in full-blown party mode, as it gained around a percent through midday, for no particular reason that I could see. In the afternoon, however, it surrendered almost all of its gains, but then a last-hour rally took the indices to roughly 0.75% higher on the day.

Away from stocks, green paper was quite firm, fixed income was flat, while the metals gave back almost all of yesterday's gains, with the miners mostly higher.

Showdown at the "Not OK" Corral Once again, there isn't much to say, as the bulls are attempting to make a stand. We should find out soon enough if my pronouncement about the end of the bear market rally was in fact correct or premature.