02 October 2013

SP 500 and NDX Futures Daily Charts - Wax On, Wax Off

Stocks dropped and VIX spiked as the screw-the-specs trade from yesterday reversed, and then reversed again a bit to trim its losses into the close.

Ok, you were warned.

I think the market keeps oscillating in a highly technical gaming trade until we get closer to a deal or to the debt ceiling deadline of October 17, which as a reminder is a 'soft' deadline given as an estimate by Treasury Secretary Jack Lew.

We will probably not get the Non-Farm Payrolls report on Friday if the government shutdown continues.

Have a pleasant evening.