Markets are up again, but there are some notable exceptions. Financials (XLF) are down almost half a percent on the back of bank earnings. So far they’ve reported higher trading revenues and an upbeat economy, but poor net interest margin (caused by the low interest rates).
Crude oil got smoked off the back of an inventory report but made a solid recovery. Here’s something really neat. Take a look at the trendline on the daily chart.
Crude Oil Futures Daily Chart
It held price yesterday, and we saw price rally back to get above it again today.
Also of note, volatility isn’t dropping. That’s pretty impressive. The rise in the VVIX starts to get me thinking that the market is nearing a top as well.