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Weakness in TRANSports and INDU possible shooting star yesterday.. too early.. RUT futures.. looses this level 60m bearish wedge target is 1400ish $RUT
Yesterday's low is holding in the ES. So the question is will we spend six hours drifting back to yesterday's high. I already posted the Groundhog Day poster, gotta find something else.
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Interesting article from Oil Price .com up at Zerohedge this morning. Shows a different take on inventories, lots of charts. Does a good job of belittling people like me who watch the news for sentiment shifts . They do reach my conclusion on shale drillers which is Druckenmiller's comment 'I never met a Texan who wasn't willing to drill a hole with other people's money'.
Small caps certainly compressed the time line down, bumping on yesterday's high already. I have ADR high four handles higher at 1420 on the TF. IF they make it a 10 point plus move today.
Aha! Market got Jolted. So rate hikes are on again, Hooray with corporate debt to cash flow at the highest level in years that is good news! Algo's must be behind the world wide buying. Doesn't make sense that the Dax went up with the US Dollar except that the Euro fell, after the last couple of weeks of the opposite. Wait, it must be one of those no matter what the news up it goes situations. I must re-train my brain to stop looking for fundamental economic reasons for market behavior.