Another reversal

S&P 500 performed to expectations – more panic at the open (till retail panic exhausted itself), and then buyers clearly winning the following hours. Clients swing and intraday gained much on the prediction playing out – it‘s though not about any prediction, leading scenario or whatever you call it, but about reasoned adjustment to what‘s actually unfolding in the market – that‘s what has to come foremost.

Still not a good environment for swing trades due to much Mideast sensitivity, gyrating between euphoria and fear about how long this is all going to last, and how will it play out. With oil remaining elevated and not exactly retreating, one has to look to the dollar and short-term yields for some (risk-on or risk-off) direction, supplemented by precious metals and Bitcoin.