Drifting lower after yesterday afternoon's Uncle Carl rout.
Carl Icahn mentioned he didn't own Apple shares anymore and the market tanked.
Downtown Josh Brown termed the Facebook "The New Religion" which basically meant that it's different this time and you should own it because so many people use it, or something.
Who needs reasons when you could have anticipated that the S&P was going to test lower anyway -- see yesterday's post.
Europe is very red this morning, and it seems to be muting futures here.
22 S&P companies report earnings today, including Exxon (beat) and Chevron (missed) (along with the Baker Hughes Rig Count at 1pm). So oil could be interesting.
Amazon blew doors on earnings last night. Prediction: it's going to be Bezos vs Zuckerberg moving forward. My money's on Bezos.
Turns out one of the dudes behind Zero Hedge is credit guy Tim Backshall whom I follow on Twitter (though I have him on mute because he rants too much). I knew there was at least one guy there that had enough connections on the Street to pull in all the research they get.
However, today's Bloomberg article comes as no surprise that there were some odd ducks doing some extrapolation shall we say.
JPY still messing up things by strengthening. And after days of relative firmness, USD rolled over to new correction lows.
Prices came down on volume and have rebounded on volume. Feels like a big move coming soon, direction uncertain, but perhaps the Fed may be losing its grip on the bond market and may need to counter with jawboning or policy change (no hikes).
WTI crude and NG both looking good currently. Baker Hughes Rig Count at 1pm and Exxon/Chevron earnings might be newsworthy (Chevron's miss may have already dented oil's rally).
Metals ripping higher across the board on USD weakness -- but where's the volume.
R.N. Elliott said, "At best, news is the tardy recognition of forces that have been building for some time."
Been posting this for days, long before Uncle Carl flipped out everyone.
Futures are looking shaky along with heavy losses occurring across Europe, so 2060.63 becomes important. If broken, yesterday's rout could continue a lot further.
Regarding the Facebook, shared this yesterday intraday.