As I write this shortly after the Dow Jones Industrial Average rockets higher by nearly 500 points, or 4+%, in just one day, I think back to the concerns raised in recent client meetings about the market’s volatility. In August and September, 40% of the trading days in the S&P 500 Index saw daily price swings of plus or minus 2%. This level of volatility was last seen in the early 1930’s.

This week's bullish investor sentiment level released by the American Association of Individual Investors came in at a not so bullish 35.46%. This is down from the prior week's bullishness level of 37.90%. The bull/bear spread narrowed to 3.6% versus 7.3% last week...for those interested in the presidential cycle, the third year of a president's term tends to be the best.

EUR USD is struggling with 1.3569 minor support line. Intraday bias remains on the upside, as long as the EUR USD is able to close above the 1.3569 minor support line. If the EUR USD closes below the 1.3569 minor support line, it will indicate a change of sentiment to the bearish side.

The U.S. Dollar is strengthening this morning after the Bank of Japan decided to invoke an emergency easing plan. The BoJ avoided an intervention but instead decided to provide liquidity in an attempt to weaken its currency. The plan includes expanding its current 20 trillion Yen quantitative easing program to six-months from its current three-month time frame.