Why was it down so much last week? Figure that out and it may lead you to an answer as to why it is up today. My guess is improvement in banking crisis.

Reminds me of 2008 when some stocks were trading for less than cash in the bank or March 2020 when gold stocks were dirt cheap even though governments were about to print tons of money. Both times the cause was people selling everything in sight to raise cash, mostly large entities that were caught exposed to excess risk or investors trying to cash out of funds and investment vehicles in a panic. In those situations the markets do not make sense at first glance, but to those cashing out in fear, it makes sense and all boats sink, even the good ones. Last week, traders were caught with to many long positions in energy and all ran for the doors, even professionals are prone to panic given the right situation, last weeks bank issues proved to be the right situation and they vacated the long energy positions.