Meanwhile, Vlad obviously had some SPY 440 calls.
In reality today was just another dead bull bounce where the bulls mounted a valiant effort from the open with the help of the Plunger Protection Team but in the end only managed to get a low volume, low conviction bounce up.
New Highs v. New Lows were bleh, volume was bleh, and up/down volume was nothing to write Grandma an email about.
The major indices recovered the 200 DMA for now, but all it’s going to take is another beauty like today’s PPI print to reverse the markets once again.
And hoooooo boy, tomorrow is going to be a fun day (all times Eastern):
0830 – Retail sales – Expectations? Yeah, S-T-B (shit the bed)
1000 – Retail inventories – Not going to be pretty
1400 – FOMC Minutes – Quick, erase what they really said, they need a bull narrative on CNBS.
Buckle up folks, the end of the war that hasn’t started is premature and the idea that the markets have any clue is even more premature; or is that immature.