Mr. Market has done it again. The fear of what Monday morning might bring, combined with the “Wrong Way Corrigans” jumping on the CRASH (“Wrong Way Corrigans of Wall Street Come Out in Droves to Yell “Stock Market Crash”) bandwagon was just too much bearishness for Mr. Market to “Bare”, but make no mistake he IS A BEAR. He hates to be predictable.
The Dow Jones Industrial Average and Nasdaq are both slated for strong openings with futures markets in both about 1% higher. Can you breathe a sigh of relief? Sure, as long as long it is only a couple of breaths.
Later today, we’ll have a more in depth analysis of the next few weeks, but you may wish to lay off some risk here: Always remember the Golden Rule of Markonomics101: Always Take Money Off of the Table, Before the Table Takes Money Off of you!
Much more to come later today, but right now the Dow Futures imply an opening of up 370 points, the Standard and Poor’s 500, 39 points and the Nasdaq futures look to open about 125 points higher. Cryptocurrencies, however, are deeply negative, however, having lost something approaching 8% in the last 24 hours. That’s a terrible omen, and we’ll discuss the implications by the end of the trading day or slightly after.