I am as confused as anyone right now so back to just watching and waiting. The rumor for the market being up was the Australia rate cut (ridiculous, that is not bullish for stocks) and of course the weak dollar. I really don't understand how at this point weakness in the dollar can mean such bullish things for stocks. I understand there is indeed a correlation, I just don't understand why there is such a correlation. Any weakness in the dollar means strength for European currencies. So why isn't Europe going down on dollar weakness? Also if we are the new carry trade and taking Japan's role, I hate to break it to investors but it didn't turn out so well in Japan.
Anyway, no thoughts on where the market goes over the next few days. Coin flips in my book all the way around.
Finally, today high yield did not lead the rally. One of the best things that could happen to bears is equity markets set a new high at the same time high yield is declining. I wouldn't count it.