28 February 2013

SP 500 and NDX Futures Daily Charts - Rally Sequestered

Stocks started cranking higher on a 'better than expected' Chicago PMI and Unemployment Claims, and a so-so first revision of 4Q GDP that went slightly positive, but below consensus, but with a big jump in the deflator.

The Dow Jones Industrial Averaga, aka the Rubes' Index, was hovering just below new all time highs.

Rally rally, until the afternoon when the impasse in the Congress made traders shaky, and took stocks into the red.

After the bell Groupon gave CEO Andrew Mason the boot.

Let's see how the sequester plays out and how they buy and sell around the news.

Intraday commentary and a 'crash warning' here.

FWIW, stocks are trading like commodities here, and thinly. So there are a range of non-reality based possibilities, until and unless the music stops. I am somewhat coyly skeptical in my trading here, with a more 'value-based bias' as much as one can in the fog of currency war and control fraud.

Sequestration Is Coming, Now What?