I can't believe what I'm seeing.
Last night, NDX futures were down about 40 points. I confess, being so short, I was looking forward to a ridiculously juicy open (besides all my puts, I've got a monstrous large NDX put position). I was prepared to stay up all night. Then the 50 bps cut hit, and the markets exploded higher. My stomach tied in a note. I thought to myself, "well, your profits just instantly turned into losses. It had to end sometime!" So I went to bed kind of dejected.
Now I've crawled out of bed, bracing myself for a huge rally to survive. And the futures are down again, just about as big. The entire "surprise cut" rally did a complete U-turn.
This market has gone Stark. Raving. Mad.
