For those that don’t get the “Godot” reference, it’s taken from a play “Waiting for Godot” about a person that is suppose to arrive and everybody bristles with anticipation. However, that moment never arrives. Anticipating market turns has much in common. However, unlike the play – sometimes “Godot” actually shows. Today might be one of those times.
Today kicks off earnings season with JP Morgan™ leading the charge. The “markets” appeared to have been glued at a level I’ve been pointing out for a few weeks. As I always argue: The “market” has to be exposed (aka having your money at risk) to take advantage of any positive earnings, as earnings are released, it will curtail or add exposure if needed depending on how those reports fare. Hint: JP Morgan’s seems to have set the tone from “There’s one last shot to beat!” to “Uh-oh…” To wit:
Before the report…
As I type this ~8:15am ET…
As always, we shall see. However, what should be noted, is that’s a full erasing of over a half a percent opening bid into the markets to now falling towards a negative opening. Something we have not seen in two years.
Funny how that happens with no more Fed printing, yes?
© 2022 Mark St.Cyr
Note: This is not trading or investing advice of any sort. This commentary is for “big picture” discussion purposes only. Please read, or re-read the “About This Site” page for any questions or clarifications.