We saw some continuing movement into assets that had gotten clobbered with the risk aversion sparked by Brexit.
This is an option expiration week in stocks.
Earnings and other economic will continue to influence the market action, but on the lower volume days the 'technical action' takes the whip hand easily, and tends to look for opportunistic plays to be gained in shoving prices around.
Words like 'whistling past the graveyard' comes to mind. But that is what bubbles are made of.
However, once this technical trade has been passed, and the shorts have been squeezed, I see the market falling into a 'chop' that will not resolve until something exogenous provokes a move. And that move could be significant.
Have a pleasant evening.