Yesterday (Sunday), the ES and NQ rocketed higher. I was curious as to why, and some folks emailed me about an “exciting announcement” IBM had planned for this morning. In addition, Japan was rumored to be considering – – I wonder what?? – – more stimulus! Because God knows, the only thing Japan needs to make its economy boom again is to print more Yen. Couldn’t be be simpler. Thus, I went to bed with the ES up double digits.
As I opened my iPad this morning, I was bracing myself to see what the latest was……….but the number was now red. It seems that the world is starting to roll its eyes at the perpetual stimulus, and IBM’s exciting announcement was that its earnings sucked whale, and now the stock is pooing all over itself.
Disappointment, the sustenance of the bears for the past six years, is a taste bulls should probably acquaint themselves with (although I confess that, even if we were up +20 on the ES this morning, I was prepared to simply short from the watch list of 130 other stocks that are waiting to be mauled).
