Yesterday’s 93-point bounce off our backtest target was remarkable — not because it was so extreme or resulted in new all-time highs, but because it surprised so many market experts. 
The algos are not only very powerful (especially in an indecisive market), but are very difficult to rein in once they’re unleashed because of how they work in the first place – by triggering a cascade of buying by the massive passive universe of buyers. Happens every time.
In the absence of another escalation in the Middle East, stocks are now in the clear — facing the same issues we’ve been discussing for the past month: a coming spike in inflation and a yield curve which still signals significant risk.
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