One of these days I’m going to finally realize that Weekend IG information is not the least bit indicative of what the Sunday open is going to be like. All weekend long, IG was showing the Dow down a couple hundred points in the face of continued Israeli/Iran nastiness. Not to say that the endless hostility in the middle east had no effect, since it did briefly launch crude oil into the same kind of spike it had Thursday evening.
However, equities didn’t really care. They opened a little in the red but, in short order, have all pushed into the green. I’m typing this almost twelve hours before the cash open, so I’m sure all this will be ancient history by Monday, but I can’t help feeling at least a little disappointed that, as of now, a big Friday tumble was once again followed by a recovery
It is far from over, however, as even a slightly longer timeframe on the /RTY reveals a market breaking down, in spite of this brief Sunday silliness.
We’ll take a fresh look when I roll out of bed at 5:30 in the morning on Monday. Meanwhile, here is your moment of Zen.
