Well, one week ago to the day those oil ETFs were at their 52 week lows. Still, that’s one of the hallmarks of this market, if you can call a local bottom, you can make a huge return in a relative heartbeat.
I don’t think the S&P rally goes to 1000, earnings season starts next week, but who knows? This week’s action was on fairly light volume. Look out for a retracement some time next week.
Now the short Treasury idea is starting to look interesting. On the one hand, prices are falling across the board, and that means the real T yields are higher than you think. On the other hand, maybe the world is beginning to tire of US debt. The move over the last two days has been dramatic, that’s for sure.
