Forget the steady markets of 2013 and 2014. Those markets are gone. We have a new type of market now. The sort of market that will drive you insane.
Forget taking directional cues. Each time the stock market begins what looks like a leg up (by whatever measure you use, it really doesn’t matter), it turns over not an hour later. We dumped something like 20 points in the overnight futures during the Asia session.
Of note, is that thirty year U.S. Bond Futures are finally, decisively breaking higher.
Stocks however, look somewhat mixed this morning. Only down about 7 points or so in the futures.
This is a meat-grinder. We’re completely neutral, as our portfolio’s shift over to a defensive stance