It’s a fairly quiet morning, with equity futures up about half a percentage point. Overall, the night has been a net nothing: the /YM spent the past twelve hours going nowhere.
Over the past few days, we have been stair-stepping our way lower following the peak bounce on Tuesday. Sunday’s lows remain intact and, sadly, probably won’t be challenged today.
I’ll probably lighten up quite a lot prior to this weekend to secure some profits. We’ve had a few thousand points slashed off the Dow, and as fantastic as things look long-term for the bears, it might be time to cash in some chips.
Besides the ongoing war, the only news of note was on the economic front when then preliminary GDP for the quarter was released. As you can see, the strong growth of the past couple of quarters is but a memory, as the change for this quarter appears to be all of 0.7%, a sliver of the prior quarter’s.
I am coming into the day quite aggressively – – 200%+ committed and 48 bearish positions – – but as I said, I’ll probably make some judicious trims here and there. Good luck at the opening bell! Duty calls:
