It seems this market never runs out of reasons to recover. After a good stumble yesterday morning, folks have decided to latch on to their latest “fix”, which is the Anthropic IPO slated for next Thursday. This latest Thing To Look Forward To has pushed the /ES to moved straight up ever since yesterday morning:
Naturally, the same is true for the tech-heavy /NQ:
As well as the small caps /RTY:
The big swinging Huang situation seems to have been shunted aside already, and the semiconductors sector – – which I cheerfully shorted yesterday – – raged higher all night long.
In fact, the only red on the screen at all is volatility, as fear has, yet again, fled the building.
Before the bears collectively jump off Bear Bridge into the icy waters 150 feet below us, I would hasten to add that the longer-term setup (getting away from the 1-minute bars above) is still threatening nuclear annihilation to our bullish buddies. This is nothing more than a typical bear market bounce, often quite vicious, ever since last Thursday’s bottom.
I would also note one important fact: this Anthropic IPO is going to be one of the greatest “buy the rumor/sell the news” events in financial history. I probably jumped the gun getting short yesterday, but I am highly confident tech is going to go through some exceptionally serious trauma before this month is over.
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