Stocks surged worldwide for the second straight day as investors seem determined to make Brexit an afterthought.
They're probably correct in their assessment, as, following the initial panic selling, the reality that an orderly exit from the EU by the UK will be an ongoing process.
Stocks in the US remain largely rangebound, since breaking through to new all-time highs would seem boorish and gaudy, which is why it is completely possible.
With every passing political, emotional, and economic event, the will of investors of equities continues to defy basic common sense and rudimentary risk caution. A side effect, or perhaps a direct one, is that short sellers have been thoroughly routed for the umpteenth time. Covering by shorts has been a bloody bath the past two session.
Mind the Gap.
In case you haven't noticed, with today's gain to 18.38, silver is up a whopping 33% YTD, from a December 31, 2015 close of 13.82.
S&P 500: 2,069.62, +33.53 (1.65%)
Dow: 17,679.34, +269.62 (1.55%)
NASDAQ: 4,778.10, +86.23 (1.84%)
Crude Oil 49.42 +3.28% Gold 1,324.20 +0.48% EUR/USD 1.1101 +0.23% 10-Yr Bond 1.48 +1.10% Corn 383.50 -2.73% Copper 2.19 +0.80% Silver 18.38 +2.74% Natural Gas 2.85 -1.31% Russell 2000 1,131.48 +2.18% VIX 16.90 -9.87% BATS 1000 20,677.17 0.00% GBP/USD 1.3432 +0.76% USD/JPY 102.8385 +0.10%
Reviving a prior feature, here's the Rolling Stones: