Less than an hour before the opening bell and Stock futures are trying to hang on to overnight gains. Yesterdays action, despite the post earnings collapse of many names, ended precisely where it started with the $SPY closing almost flat on the day.
The S&P500 crumbled from fresh record highs last week. The VIX spiked to levels not seen since the election in 2016. Is the summer swoon upon us? Or is this just another named excuse for the markets to refresh?
The top is in! ....until the market makes another top... and another one... and another one. First the market has to shake this bout of fear. Just a few weeks ago fear had never been so low, at least measured by the VIX. Despite all the drama and even aggressive comments and actions from North Korea, the VIX hit 8.84.
S&P500 futures are lower this morning on continued North Korea headlines. Up until late yesterday afternoon, every single named sell-off has ultimately been a tremendous buying opportunity for stocks. Anyone buying the dip or named sell-off in the S&P500 since its inception, up until late yesterday afternoon, has done incredibility well.
The jobs report is in, and the market's initial reaction was not a thumbs up, or a thumbs down... it was more of a sideways thumb. S&P500 futures moved a point in either direction before heading back to the same place it was before the report. Clearly 2017 is the most efficient stock market the world has ever seen. We are witnessing market stability in its finest hour.