Only days ago, the financial media was ablaze with “analysts” scurrying around and celebrating the fact that the S&P 500 has, at long last, crossed ABOVE the 200-day moving average. Since 9,999 out of 10,000 humans are permabulls, this makes sense, because one wants to pander to their audience. It seemed odd to me, since a market pushing to such an extreme wouldn’t seem like a great time to enter positions. The past few days seem to bear me out (so to speak) on this point.
As we mark time waiting next week’s massive one-day punch of Tuesday and Wednesday, I’m pleased to see red on the screen again. In the case of the small cap futures, resistance held beautifully, and there’s just vapor beneath present prices.
The more-important S&P 500 futures, however, have held support thus far. I raise my cocktail glass toward the direction of whatever market god is considering cutting below this horizontal, particularly if it can get below the psychologically-meaningful 3900 level.
Were it not for MongoDB, I’d be pretty excited about the opening bell, but I know I’ve got this cancerous tumor that I need to excise from my portfolio’s body. I actually don’t have any experience with puts which have gone from $10 in the money to $40 out of the money, but I’m going to find out in about an hour! It’s gonna suck, but what’s done is done.
