06 May 2014

SP 500 and NDX Futures Daily Charts - Not Such a Terrific Tuesday - Hello Alibaba

“Our lives begin to end the day we become silent about things that matter.”

Martin Luther King

The usual 'Terrific Tuesday' equity pattern for 2014 did not work out today, as stocks sold off on widespread weakness.

David Einhorn provided some of the more insightful and intelligent comments on the markets today that I have heard from Wall Street in some time. 

The big tickle after hours is the news that the Alibaba IPO is ready to be shoved out the door.  This ought to provide plenty of incentive for the underwriters to prop up the markets, and make hay while the sun shines.   The lipstick is being applied, and the sales pads are open.

The US financial system is a house built on sand. 

Have a pleasant evening.