Good morning, everyone. Well, thanks to the post of conference calls, we’ve got a non-awful morning in front of us. Half an hour before the opening bell, all the stock futures are my favorite color, and it’s all thanks to AMZN’s shocking pop-and-drop since yesterday.
This one company, out of the many thousands that are publicly traded, was all it took to wrench the entire market into a gap-down. Equities are hardly plunging, but at least we’re coming into the day soft, on the heels of an absolute tidal wave of both economic data and earnings reports.
Even though yesterday was a total train wreck for the bears, reversing in the span of minutes the drops that had taken days to accrue, I still regard the VIX as being like a tightly-coiled spring, ready to fly higher again.
Although we are past the peak excitement for earnings information, and the earnings front will swiftly become boring again, keep in mind that next week has three monster events:
- Wednesday: the FOMC and its ostensibly final rate hike;
- Thursday, after the close: AAPL earnings;
- Friday, before the opening bell: the jobs report
So it should be another barn burner.
