Memorial Day Weekend beckoned, giving US indices one last boost to mark the unofficial start of summer, by snapping their weekly losing streak and crowning this the “comeback week.” Yesterday's session saw the biggest laggards / short-covering lead the charge and today followed suit once more. In the last 3 days the moves were specific --- XRT +13.5%, GS Most Short +12.83%, NYFANG +10.5%, etc. This morning started with futures extending gains as the PCE Deflator data (Core YoY +4.9% vs 5.2% previous) seemed to shows signs of having peaked.
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