friday wrap

market vibes

January 24… )

“Unhappy, Darling?”

“Oh yes, completely.” Morticia Adams

I am agog to think I might be in another dimension where markets are busy and everyone is awash in profits. The source of them, of course, is the stock market. I read sell-side research from very respected guys working in equities, and their patter is lively and the mood is uniformly bullish. I share commentary with friends, and by their reckoning, stocks are feisty. Today’s punditry was all bullish, 100%, because some say, “the market is heavily short.”

From 3:30 yesterday to 1:30 today, the S&P posted an average range of about 7 handles, a range I might have traded 40 years ago when the storied index was valued about 97% lower than it is now, seriously. A single expiring twap surged to a new high on the day of 6162.50 at noon and met with crickets defending the top, where, according to the maxim, it’s lonely.

Wrapping the week with Gold, FX, natural gas and… the vibe.