The Nasdaq-100 had its largest fall in 30 sessions and 59% of it arrived after the inflation print was already an hour old. High yield credit, asked to confirm a debt story, moved a third of 1 per cent.
...The bear is packed away and the bull cycle is in effect, so naturally the Dow ran bull premarket, then gave a fuck you bear move right at the open, retreating 100%. Here’s where that leaves SPX, Crude Oil and Bitcoin, plus the Premium Poppers the team banked.
...Two sessions running, NYSE issue breadth and NYSE volume breadth pointed opposite ways. Then they swapped sides overnight. One of those two instruments is measuring something the other cannot see.
...More NYSE stocks rose than fell on Tuesday and more NYSE volume went into the ones that fell. Monday did exactly the opposite. One of those two days is lying.
...The bear séance is over. Midterm October has historically been the best month of the year for the Dow and S&P 500, Uncle Dow is already leading the charge, and breadth sits at the lower extremes that marked this year’s turns. Plus the SPX, Crude Oil and Bitcoin reads.
...On Monday the NYSE’s advance-decline line and its up-down volume line finished on opposite sides of parity. The textbook says volume confirms breadth. Here is what it means when it refuses.
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