So China going all out, for the economy or for the market or for both. Either way, the easy money, government-induced, central bank-induced markets continue…and until they stop having influence, you must obey. Since the “Powell switch,” markets act well. Yesterday was a good beta day leading to many set-ups as we continue into earnings season. All other Fed members have fallen in line. A few notes:
JPM gaps down and reverses up. CITI opens down the day before and ramps. UNH down $5 in pre-market, finishes up $9. BAD NEWS IS BEING BOUGHT. WEAKER ECONOMIC NUMBERS ARE BEING BOUGHT. Until that changes…
The NASDAQ/NDX finished a smidge above the declining 50 day moving average. A few names have jumped above it before these indices. It will be vital for this to hold.
A ton more earnings to come out.