Well, the big earnings news is done, which is Micron (MU), and it’s a yawn-fest. In spite of typical post-earnings craziness, the net change as I’m typing this is about a single percentage point. Whoop de ding dang do.
Micron’s path in recent weeks has been a slow grind upward, as the AI bubble continues to puff larger and larger. It’s rather comic that Anthropic’s leaked S-1, which lays bare their horrible business conditions, simply got people even more excited.
The totally-made-up PCE numbers this morning caused an explosive move higher in equity futures, all of which was laid waste by the end of the day. Here we see the /RTY via minute bars.
My only big ETF short, the DIA, enjoyed the benefit of a long-steady slide all day long, as illustrated here by the /YM. Yes, it had the same silly PCE pop, but it didn’t mean dick by day’s end.
I consider my trading rather chained until election day, which is frustrating, but I am presently in 28 short positions with a commitment level of about 100%. Thursday has no scheduled events of note, but Friday morning we’ll get the totally-made-up jobs report.
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