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Well, even a complete letdown by Kuroda isn’t enough to get this market to drop a reasonable amount. For the 12th day in a row, we’re basically at sorta kinda 2160 on the ES. Hey, at least Kuroda didn’t give the bulls some pleasure-inducing mega-package. Be thankful for tiny miracles. Oh, and of course, oil is down……….again. Anyway, here’s the almost unbelieveable ES action over the past few weeks:
Only the Lord knows where the markets will be once I wake up for the normal trading day, but tonight, it’s a mad, mad, mad, mad world. Kuroda pretty much disappointed everyone, in spite of throwing trillions and trillions more yen at buying ETFs (which, let me tell you, is insane), but as ZH put it:
“So to summarize, Kuroda left rates unchanged, left QE unchanged, implicitly raised doubts about the effectiveness of the world’s monetary policy machinations.. and increased the stock market ETF buying to make sure that the illusion of normality is maintained.”
At first, the ES and NQ fell sharply, and then they went green – – which made me want to throw my laptop through a window – – and then they went red again. I’m just going to let all this wash out at this point and stop watching. I guess I should at least be glad the ES isn’t up thirty points right now. The Stockholm Syndrome has completely taken effect.
Boooooooo-riiiiiiiiiing!
Good Lord, this market sucks in so many ways. Here, let me show you something that looks like science fiction. This only happened a month ago, and it shows the ES plummeting 130 points in just a couple of trading days:
I guess there are limits to just how high a P/E people are willing to spend for a company. Last night’s pop has been fading most of the day.
I’ve got to tell you, I’m frustrated. You know how bearish I’ve been about crude oil. Day after day, this has been an incredibly consistent market. I would give my left nut for the S&P 500 chart to look anything like this……..the equivalent percentage drop in the Dow 30 would be about 4,100 points, just to give you some perspective. And that’s only since June 9th!
