There was absolutely nothing upon which to base trades upon today, other than the concept that on Friday the Dow fell to the low end of the recent range (i.e., 17,500-18,000).
Therefore, it was incumbent upon market participants - meaning the Fed and their agents, particularly, Citadel - to boost asset prices to a more reasonable level in terms of keeping the charade going.
If there was any news at all that would have affected equities, it was the Empire Manufacturing Index falling nineteen points from April to -9.0 for the May reading. It's obvious that business conditions in Andrew Cuomo's fairy-tale land of the $15 minimum wage are horrible. one only has to visit upstate New York communities such as Rochester, Syracuse or Buffalo to understand the depth of despair in the business community.
Nonetheless, Wall Street is disturbingly disconnected from the reality of Main Street America and even further removed from their upstate brethren.
Bad Joke of the Day: Recovery!
S&P 500: 2,066.66, +20.05 (0.98%)
Dow: 17,710.71, +175.39 (1.00%)
NASDAQ: 4,775.46, +57.78 (1.22%)
Crude Oil 47.86 +0.29% Gold 1,276.70 +0.20% EUR/USD 1.1316 -0.02% 10-Yr Bond 1.7530 +2.82% Corn 392.50 -0.38% Copper 2.09 +0.17% Silver 17.21 +0.33% Natural Gas 2.04 +0.44% Russell 2000 1,116.21 +1.25% VIX 14.68 -2.39% BATS 1000 20,677.17 0.00% GBP/USD 1.4419 +0.08% USD/JPY 109.05 -0.0046%