A major short-covering rally pushed markets higher yesterday, but there’s no follow-through in the pre-market as futures fall ahead of key economic data. Oil is surging while gold slips, volatility dropped sharply, and markets may be nearing a level that could support a sustained move higher. However, the rally may prove temporary as geopolitical uncertainty remains unresolved.
Several ETFs and stocks hit profit targets after large opening gaps, rewarding traders who had sell orders ready. Big moves appeared in Intel, airlines, and energy, while multiple stocks showed intraday reversals. With many positions reaching targets, the focus shifts to protecting gains as the market may move back to fill yesterday’s gap.
Stephen Whiteside
Thursday, April 9, 2026
