24 February 2016

SP 500 and NDX Futures Daily Charts - Risk On, for Today At Least - Who Fears Brexit

"The inability to identify with others was unquestionably the most important psychological condition for the fact that something like Auschwitz could have occurred in the midst of more or less civilized and innocent people.

What is called 'fellow traveling' [collaboration] was primarily a business interest: one pursues one’s own advantage before all else and, simply not to endanger oneself, does not talk too much. That is a general law of the status quo.

The silence under the terror was only the consequence. The coldness of the societal monad, the isolated competitor, was the precondition, as indifference to the fate of others, for the fact that only very few people reacted."

Theodor Adorno, Education After Auschwitz

During the day some words about oil and a less than horrible oil inventory report sparked a rally that quickly spread to stocks, and it was a 'wash and rinse' day after the initial morning plunge on worse than expected news on housing.

The dollar was flat, VIX declined, and gold gave up most of its early morning gains.

This did not look like a real bottom, just another trading gambit.

Let us see what tomorrow may bring.

Have a pleasant evening.