Futures up 212.
The five day moving average of the CBOE put call ratio is now over 1.10. That’s the third highest level in over a year. Sentiment is in line for a rebound. So I’m betting on rebound and a massive sell off of this size is even beyond Saros but it does raise eyebrows. My guess is it is algorithm selling by ETFS , with some move into bonds or Goldman Sachs.
I think rebound is in order but if not, kiss GOP mid term chances goodbye
Futures up 274, key will be to watch and see if it sticks. Tape will be scrutinized by many today to see if any single large sell orders of yesterday’s magnitude come through.
The earnings season is upon us and Wells Fargo came through like Mr October after revenue topped expectations. The market is expected to see earnings growth for the quarter top 20% which is pretty strong and should counter recession talk. keeping powder dry