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My only options position right now is puts on DIA, so naturally I watch the /YM futures closely. They were down a little pre-open, but the moment the bell rang, they exploded higher for No Particular Reason ™. Just as suddenly, they did a hairpin turn south and plunged triple digits.
Everyone’s on edge about tomorrow’s absolutely meaningless interest rate drop, which I think is going to be one of the “Buy the Rumor/Sell the News” events of all time.
Well, here we are again. Every morning, it’s the same thing: all the equity futures up fractionally (which, over time, has led to a literal 900% run-up in the S&P 500 since 2008) and at lifetime highs, in spite of every scrap of fundamental data saying that valuations are in la-la land.
It’s stone-cold quiet this morning, so let’s focus on my obsession for a moment: precious metals. Over the past week, gold (by way of /GC below) has more or less meandered aimlessly.
Long-term palladium divided by the SPY. Simple as that: bullish palladium; bearish equities. Thy will be done.
