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I have an exceptionally busy day ahead, so I woke up at 4 a.m. instead of my more normal and languorous 5:30.
I’m delighted to see my entire quote screen slathered in red. Umm, look, it just occurred to me that my diagram of the /ES, which was intended to illustrate the trend shift which has recently taken place, instead resembles a gargantuan phallus. You have my pledge of honor this was not my intent. My brain isn’t fully operational yet. I think we should all just move on at this point.
Let’s take a quick look back at what happened in the first quarter of this year among the components of the S&P 500 index. Here is how the various sectors performed, with tech on top and financials at the bottom.
This is truly comic. They aren’t even trying to hide it anymore.
To my mind, the earnings season actually begins this afternoon. All the bogus bank earnings don’t mean much to me, because when you’ve got an multi-trillion dollar backstop from the government, you aren’t running a business. You’re just in charge of a government agency. The real businesses start reporting after today’s close. Below are three of note. The first is United Airlines.
