Maybe. That market is so vast and liquid that sudden, gap moves of immense proportion are rare. It will, IMHO, be a prolonged upward move that could last for years.
The USD move down sure has been a big one! Looking at a long term chart, the USD took a massive plunge back in the very early 80s, coincides with the Reagan bull market. Just a hunch, but when the dollar does turn, it will be very sharp, last a long time. I base this on the amount of money that is at the disposal of speculators, and their stated intentions of doing a complete trade reversal, going from short to long. Either way, I can’t see this current economic connundrum lasting much longer, something’s got to give, and very soon. Will be very interesting to see what consumer spending forecasts are like after this holiday w/e?