That includes me!
It was a 1, 2, 3 punch of good news this morning.
- China lowering bank reserve requirements.
- Central Banks lower dollar swap rates hoping to bolster liquidity.
- ADP employment: comes in at 206,000 vs. 103,000 expected.
You don’t see this parabolic action often, with $ES_F futures up over 3% before the open, and the CAC40 up over 4%. For those that like Fibonacci, we’ve taken out 61/50/38% over the last 3 hours. Not bad if you were long at the close yesterday.
The ominous headlines this morning: