Let's not call it "risk on" but the markets acted something like that, as commodities and commodity stocks had legs all day.
Not even the 5.9 earthquake deterred the rally, as it resumed immediately after the quake...like nothing happened.
Why a rally at all? I've said it before: stocks tend to move up on days when there are no macro headlines out of Europe, and when European banks are stable. That was the case today.
Good news: financials finally caught a bid; the Financial ETF had good volume as most of its components were on the upside. Rochdale bank analyst Dick Bove told CNBC he would be buying bank stocks early in the afternoon.
Also good news for stocks: gold, down 3.4 percent, its largest percentage drop in over a week and snapping a six-day winning streak.
- How do Commodity Futures work?
- How do ETFs work?
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