Good Lord. I’m supposed to be standing here in the pitch blackness of the early morn and say something interesting about this?
It’s like being a commentator for the Indianapolis 500 when all of the cars are just sitting in the parking lot. Bring me back October 2008! Or March 2020! Or even early April 2025! Argh!
Anyway.
As I’m intimating, the market is just grinding away at lifetime highs, going absolutely nowhere. Here is the /NQ, for example, since last Tuesday. Yes, it is up triple digits right now, but it’s merely warbling up and down day after day with no clear intent.
Clear intent or not, the boys at Zerohedge are continuing with their ceaseless parroting of whatever Goldman says, which is of course “stonks only go up“. It’s pathetic.
Bonds (by way of /ZB) continue to wither away, as the disappointment from last week’s Powell pitch linger.
Just about the only interesting motion in equity-land is with the small caps, which are barely hanging on to their uptrend. On Friday, the /RTY chipped just below the line, only to blast higher as this level is being vociferously defended.
The longer timeline, dating back to the April 7th bottom, shows how precarious this sucker is right now.
Compared with last week, this week is a total bore-fest with respect to economic data and earnings. I am entering the day medium-aggressively short, and there don’t seem to be any concerning troublemakers pre-market. Good luck out there (or at least try to stay awake).
