Intra-Day Update: Pesky Earnings
UPDATE 9:40am EDT: Futures dropped overnight on bad earnings but are shooting up again now. If you wonder why, here’s my quote of the day:
“We need to get earnings behind us,” said Jonathan Monk, a fund manager at Aerion Fund Management in London, which oversees $1 billion in U.S. stocks. “They’re not going to be great. Until analysts and companies own up to the fact that numbers will be lower, they will be a headwind.”
Slope of Hope all the way, baby! Yes let’s get those pesky earnings out of the way, so we can focus on what’s really driving this economy – government sponsored bailouts!
I won’t be around for very long today as I am accepting an award at the Gallactic Brotherhood of Evil. Berk will probably pop in and out in the comments section. Keep it clean and don’t let the tape fake you out, boys and girls. Remember it’s 2 weeks to the election – they will pull out every last stop to prep up the market and won’t let a silly thing like pesky earnings let stand in their way.
UPDATE 11:16am EDT: So, I keep watching the Yen push up, the TNX is down, while equity futures are hanging on to their pivots on low volume. Thus, I have no idea what’ll happen today. The medium term stochastics on all cash indexes are completely overbought. So, I know which way the market should go, but it’s not. Having said, that – I keep adding puts wherever I see a good entry, but I am cognizant of the fact that this could backfire. But I made clear yesterday, when I see a market rally on vapor I just can’t help myself. I will not be posting for the remainder of the trading hours – expect me back in the early evening.
UPDATE 3:30pm EDT: I’m BACK! Seems I didn’t miss much – my account is where I left it this morning. Yen is pushing up strongly now, so we could see an EOD selloff.