Well, the market continues to do dick-all.
It seems that it is allergic to being interesting, since Monday was an absolute carnival and now it’s dead as a doornail once more. As I’m typing these words, the /NQ is up a heart-pounding 0.01% on the heels of what was ostensibly one of the most important earnings reports of the year.
For all its efforts this month, the /NQ has merely scraped and clawed its way to the midpoint of the endlessly grinding range that has been in place since freakin’ October. There is a huge amount of overhead supply that should keep prices in check.
Bitcoin, which I am short by way of a BITI purchase late yesterday, spiked on the NVDA earnings (!?!?!?!?) which neatly shows how crypto is bizarrely linked to equities. I mean, honestly, what on earth would the earnings report of a semiconductor manufacturer have to do with useless crypto assets? The link is there, all the same, which is why I keep stressing to keep a close eye on Bitcoin for clues as to what equities are going to do.
Precious metals stopped being interesting a month ago, and silver’s recovery has conked its head on the same resistance line as it reached early this month. It is entirely possible that precious metals get less and less volatile as the weeks and months wear on until folks just stop thinking about it anymore, just like they did a few years back.
As for equity volatility, it seems to me that it’s juuuuuuuust about time for something – – anything! – – to happen to spark some action again, if the past few months are any guide.
I am entering the day quite lightly positioned without any real stinkers or victories in the pre-open. I’ll almost certainly start pushing into more positions now that the NVDA non-event is behind us.
