As a die-hard New York Knicks fan, we are thrilled to wake up and see Phil Jackson is gone. Phil and is .350 record running the team destroyed the team. But unfortunately, Dolan remains the owner.
We love central banks. As you know, we still believe we are in the midst of a gargantuan central bank-induced bubble. At last count, our faulty abacus has about $20 trillion of printed money interfering and sloshing around the financial markets. Just when the U.S. slowed up on the easing, conveniently, Europe, Japan and others ramped up the easing. They are each currently printing a trillion/year and have rates at -.5%
Which leads us into the recently laboring market for growth/beta/technology. Doesn’t take a genius to tell us it is now somewhat oversold after yesterday. But bounces are random. So futures were down this morning as supposedly, the ECB head actually talked hawkish, that maybe they need to roll back the easy money. Futures were again down off of this. Lo and behold, another ECB dude didn’t like this so he came out to say the reaction was a mistake, that the stance had not changed. And, futures turned right around. We just love these people/.
As we write this, NDX futures up .3% and S&P a little better at .4%. The NASDAQ is sitting right on the 50 day. The NDX a smidge below. Goal line stand time!