Muted Response

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Well, we all woke up to this (typically breathless) headline from ZH:


This has led to some red tones in our own pre-market quotes, although the 0.29% drop in the ES as I’m typing this is hardly a crash of its own, of course.

The irksome thing is that the market’s irrational unpredictability is more acute than ever. Take yesterday morning for example (please!) in which it looked like it was shaping up to a nice, smooth, steady descent in equities (tinted area on the left). All was going well, and then, RIP, a huge rally based on no volume and on no news.

I’d normally be more invigorated by the miniature “top” we’ve got this morning (the tinted area on the right) except for the fresh sting I feel from yesterday’s rally. I have no ETFs of any kind, but zillions of tiny equity shorts. We’ll see……….