Went I turned my monitors off Sunday evening, it looked like we were going to be in for a good, hearty red tidal wave on Monday morning. Nope! Nope, nope, nope. Can’t have that! Would upset the masses! Thus, after the gap (red arrow) and a nice, steady slip-slide lower, at the magical hour of midnight people (or, more accurately, the government) started falling all over itself to buy up stock futures to turn things higher, in spite of…………well………….everything.
This grotesque charade is even more pronounced with the NASDAQ futures, which have ripped almost one hundred points higher based on No Reason Whatsoever.
I mean, good Lord, even Bed Bath & Beyond (which is declaring freakin’ BANKRTUPCY) has recovered almost all its post-bankruptcy loss. What the HELL, man?? Is bankruptcy bullish now? It would seem so!
In any case, I’m coming into the day fully loaded. It might be a boring day today, but starting tomorrow, the earnings tsunami begins, and it should be pretty spectacular.
