This is turning into quite a day in the stock market as the S&P 500 rallies 80 points, or 2.1% in the best day of the year. The dip has been bought and yesterday’s huge decline is now nearly wiped out.

The banning of trading in meme stocks was the greenlight for ‘situation normal’ in markets and ‘situation normal’ means ‘buy the dips’.

It’s also a big unwind of the outside moves in currencies yesterday. The commodity currencies have now taken a bit bite out of yesterday’s losses and cable has completed the round trip. The move is extending as I write and AUD/USD.