It was a sellers' strike. The sellers went away on Tuesday and they didn't come back today.
And, darn it all, did they even know what they were doing? There wasn't anything today that caused this, no stats not analyst reports, nothing.
The banks went up for no reason, but they went down for no reason
FANG went up because the sellers disappeared, not because Facebook (FB) wasn't horrendous.
Yes GM (GM) had a good number but that was largely because of China and that could go away.
It is pathetic how irrational the market is.
The funds that sold either sold because some algo told them to sell or because they wanted to lock in gains
But it had nothing to do with the companies.
It's both comical and it is a shame.