12 August 2016

SP 500 and NDX Futures Daily Charts - Stocks Close Unchanged, Feeling Confident?

The Street shook off some fairly lousy economic results from this morning, and managed to turn the losses to largely unchanged to a little green by the afternoon, when Asia and Europe had gone home to bed.

Stocks are still struggling here, trying to find a rationale for moving even higher than they are now.

It's not clear that they will find that, but with the Fed et al providing plenty of liquidity and outright purchases in come cases, and with the regulators turning a blind eye to the 'cup of courage' that the algos are dishing out to the banner headline indices on an almost daily basis, there is no telling where the equity markets may go.

In the end it will turn out badly, as it has done so twice now since the turn of the century. But that is a concern for another day, and for other people to clean up once the bonuses are banked, mostly offshore.

Have a pleasant weekend.