There is precious little that can be divined from the first half hour of futures trading on a Sunday, but frankly, folks, I’ve got no new posts left in me, so I wanted to just do a quick last one before signing off.
To my mild disappointment, all the equity futures leaped about .666% higher at the opening bell, and as I’m typing this, they’re all still green. We remain beneath overhead supply, and I’d really appreciate it if the market gods could keep the price action beneath those horizontal lines I’ve been mentioning.
In fact, on my entire futures watch list, the ONLY red item right now is crude oil. That’s a silver lining for me because I’ve been getting more into energy shorts.
What’s key here is that crude remain below its own horizontal. To be clear, I have no position at all in energy products per se, but instead have a variety of puts on energy-related companies.
This should be a very exciting and interesting week ahead, and then we move into a complete lame period in which there are TWO federal holidays (because government employees work SO hard) in the span of merely three weeks! Memorial Day and the oh-so-woke Juneteenth. This week, though, we get all five days that God intended, so let’s make the most of ’em. See you Monday morning.