On Sunday, when the futures markets opened up, the equity futures had a briefly popped and then settled down into virtually unchanged. (Briefly, the /NQ was even a little negative). Over the course of the night, however, the markets absorbed what I assumed are the political ramifications of this weekend and pushed steadily higher. I’ve highlighted in red the brief and peculiar period in which markets completely shrugged everything off. Here’s the /ES:
And here’s the /GC, gold:
The one market that didn’t spend the night pushing higher was crude oil:
One thing to keep in mind is that what we’re talking about above is overnight trading on a Sunday night/Monday morning – – not necessarily consequential stuff. Context is the most important thing, because if you take a look at the /NQ chart with some of Friday’s data you can see that, yes, there was a steady push higher, but it’s just slogging around in the activity from late Friday’s normal session.
