by John Galt
December 6, 2018 05:15 ET
This is going to be a super ugly day and the lack of a rally might just lead to one of those “events” which change the fortunes of not just market participants, but the global economy as a whole.
For example, here is a quick snapshot of DJIA and S&P futures (courtesy of Investing.com):
Ugly. But the S&P is uglier:
Why is it uglier? Because the full lack of action by the OPEC nations has yet to be digested nor impacted on the S&P 500 complex. At 9:30 a.m. ET, the tsunami of bad news will hit the markets hard, especially the energy equity loaded S&P 500.
Meanwhile OPEC is yet to get its act together as modern efficiencies and declining demand is resulting in stair step long term declines in the need for more crude and U.S. energy independence impacting global markets. Thus why the OPEC statement a few moments ago had little impact on the crashing of WTI Crude futures:
This market is starting to get that 1987 feel to it, and with the Fed meeting on December 18th upcoming, I have the feeling we will be watching Santa Claus being shot down and the rally possibly causing Rudolph to slam into the ground nose first. BOHICA.