If you want a sense as to the overnight action, look no farther than the /RTY, which resembles a corpse since the close yesterday. Equity futures are overall either up a little or down a little, averaging out to essentially unchanged as we continue to levitate at record highs.
Some elements of the market are dramatically more kinetic. Look at MongoDB (MDB) which reported after yesterday’s close. Watching after-hours action, aggressively-positioned bulls and bears both had an emotional roller coaster ride, terminating in essentially an unchanged move, showing once again how the options sellers tend to be the one true winners.
Dell, on the other hand, has held on to its jaw-dropping gains. It’s amazing to see a stock this large leaping by triple digits in the span of a single week.
Which helps the /NQ, which seems positioned to keep on lumbering higher, fundamentals be damned.
The only thing that’s truly working for me continues to be Bitcoin. I mentioned yesterday how I’d want to amp up my position if it recovered to $74,000. It did so overnight, and I’m not sure why I am dicking around with the one chart which is utterly behaving itself.
I’m coming into the day conservatively at 80% commitment level, and I don’t have a single large ETF position. This market continues to be a toxic blend of annoying and vexing, and I suspect that things are going to continue to feel completely bizarre until, two weeks from now, the SpaceX IPO helps shed some light on what’s next.
