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Here's the problem I see from 10,000 feet.
Can markets go higher? Certainly, but we still need to see higher prices form here on higher volumes in order to confirm that those big kids are playing ball.
Simply put, traders at the larger institutions were driven either by risk managers or simple fear out of FANG and information technology, and into anything else.
Also, the Department of Justice reportedly could be preparing an antitrust probe into Alphabet's Google unit.
Swans are graceful creatures. This one is going to gracefully place a minus sign in front of your P/L.
Those wearing un-hedged long equity positions should probably sit down at this point.