Markets slowly trended upward today surviving a sell off attend after the fed minutes release. The highlight was biotech. The IBB was up over 5% on the biggest volume day out of a solid base in over a year. Money has clearly been flooding in the last 4 days. Similarly small cap indexes have been outperforming the s&p.
Oil also rebounded nicely on high volume today.
The dollar fell on elevated volume after the minutes came out and metals continued to probe the 50dma. A further dollar decline should help out the metals space.
Earnings season starts again next week. The question here is will the fall in the dollar so far this year have helped corporate profits? If so, many multinationals and commodity stocks could beat expectations. We’ll see