7/13/12 3:42 PM – Nice Market for Stocks Today

Markets around the world are up today, most better than 1%. I can’t find much of a reason for it other than short-term traders may have figured the recent leg down was the bottom of a see-saw pattern that you can clearly see in my short-term term chart I posted in yesterday’s blog.

Banks were up 4-5% today for no other reason than they have been the most volatile in both directions ever since 2008.

Oil and gold were both up more than 1% today, bonds were up slightly and the US dollar tumbled 0.4%, a pretty large one-day move that probably helped US stocks.

Enjoy your weekend. I hope to have the monthly newsletter out late Monday.

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