“Bad times have a scientific value. These are occasions a good learner would not miss.”
Ralph Waldo Emerson
Retail sales came in a little stronger than expected this morning, and Citi turned in decent quarterly numbers, despite its having failed the stress test.
So stocks rallied. The economic indicators were excuses. The market is close to achieving self-actualization.
The action in the rest of this week will let us know if this was a 'relief rally' or something more positive for stock prices. Or just another opportunity for a short squeeze in a technical trade, in a market utterly dominated by internally focused gamesmanship.
Have a pleasant evening.
