WSE: Before opening

Yesterday's session on Wall Street was as successful as in Europe and investors may breathe a little after two days of strong declines. It is not certain whether the return was due to the onslaught of buyers of overvalued stocks, or perhaps more temporary lack of people willing to dispose of the shares at these levels. The main thing that was able to somewhat make up for the loss and cool down after the first reflex of panic. The US indices grew by almost 2%. The strongest growth was seen among biotechnology companies, the Nasdaq Biotech index rose by 3.8%, and - as it did in Europe - banks and transport companies. Incoming data very little change the market sentiment. This happens when the market is dominated by emotions rather than rational valuation of companies and macroeconomic foundations of the economy.

To increasing in price of indices came correction on the commodity market and currency. At the end of the US session the price of crude oil rose already more than 3%, and gold moved down by almost 1% falling to 1,311 usd per ounce. Also got cheaper currencies from the "Safe Haven" basket, the dollar, yen and chf, which confirms a slight return of optimism on the markets. The most important barrier to overcome are the levels before the referendum. Return to levels before the shock will be the first test of strength of the market. Until that happens we have to treat current increase as a correction.