Sunday futures started off with a bullish bang, with the /NQ up triple digits instantly and the /ES vaulting over 50 points higher. Permabull Slopers began chiming in with their “be long or wrong” mantra, just as the market started fading, until it had reversed nearly 80 points. The central bankers of the world leapt to the rescue, as they always do, and have pushed almost everything green again.
Even with the rocket higher on Sunday, all they accomplished is to tag the same powerful Fibonacci before weakening. This is a key area, even moreso after yesterday’s shenanigans.
The only red on my screen is crude oil, which is still a very choppy market, but it’s down almost a full 2%.
I am entering the day lighter than any week this entire year. I’ve been so disgusted by the market’s action over the past two weeks, I decided to dial things way, way back and take more of a wait-and-see approach, particularly since the next three weeks are going to be insane. Again, the theme is:
- Week One: earnings galore;
- Week Two: Fed crooks;
- Week Three: political/election madness
So there are choppy seas ahead, to be sure, and that’s assuming that absolutely nothing out of the ordinary at all will occur on this planet of lunatics.
