Witness the power of Marko Kolanovic.
The market loves nothing more than listening to the guy who got the last call right. The JPMorgan quant called the market bottom right in October and when he said to buy the dip today, that's what market participants did.
In this market, no one knows anything so all it took for the degens to buy the dip was a nudge on the shoulder. Oddly, his call came just before JPMorgan CEO Jamie Dimon said he'd be surprised if there were only four Fed hikes this year.
In any case, once the momentum turned, the TINA trade kicked in again. Now the S&P 500 is down just 25 poitns to 4651, from a low of 4582. We nearly filled the gap:
Closing changes:
- S&P 500 down 7 points
- Nasdaq down 0.01% (had been down 2.7%)
- DJIA-0.5%
- Russell 2000 -0.7%
