Short answer, I personally believe that it isn't any indication for the market to go green again. I still expect a long road of red ahead, but then again, I'm just some college student majoring in finance. My theory is that the spike today was caused by the coming-up Interest Rate Hike catalyst. For those who don't know what an Interest Rate Hike is,
When interest rates rise, it's usually good news for banking sector profits since they can earn more money on the dollars that they loan out. But for the rest of the global business sector, a rate hike carves into profitability. That's because the cost of capital required to expand goes higher.
-Investopedia (my favorite source)
My logic is, the bullish sentiment was simply buyers buying in before/during the Interest Rate Hike and expecting the stocks to increase for them to sell in a future date (aka a “predicted dip”). Seeing that this is such a short-term move, I assume it's caused by day traders and swing traders. I don't think that it was caused by any investors, as they tend to avoid timing the market unless they had some extra capital that they wanted to put into the dip.
Any other theories are welcome.
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