It was supposed to be a grande opening — heralding in a new era of prosperity thanks in large part to $NVDA and their glorious earnings. Instead, we got a hard red candle at the open and a small capped index LOWER by 0.54%. Breadth is languishing at 54% and the US 2yr is +6bps to 5.01%, of course INVERTED heavily vs the 10yr but the 2s and 10s don’t really matter any more.
All that seems to matter these days is the NASDAQ 100, so we’ll keep a very close eye on it. We’re up 40 now — down from +195 in the futures last night — an awfully dreadful and demoralizing collapse of fortune. But it’s early and let’s not count out the bulls yet, for I am sure they have more tricks up their tranny sleeves.
Oil is lower, stocks are cratering — it’s the god damned end of the world!
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