The broad market index futures traded in a narrow range overnight. They have swung up slightly. Professional bears want to see an up opening and some follow-through; they will plunge it; and when sleepy bulls fail to defend 1500 in the SPX, they’ll try to push it hard enough that even professional bulls will reduce their longs and take larger short positions. The Strum und Drang of everyday life in the techno-sphere of permitted action. Can the so-called bears accomplish this on Friday? Black Friday, notwithstanding, Friday is often an inside day.
However, if the ISM composite manufacturing index (7AM PST) does not impress investors, the market may continue to go up so long as large players can unload their positions. When the market then reverses, the selling mayhem will produce more offerings for the so-called smart money. For those positioned short Delta, the rewards will be rich.
“It is what it is.” The thinkorswim broker told me.
Sculpture by Bill Reid