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The big earnings event today was AMD which, just like PLTR yesterday, produced great results and went rocketing higher. The comparison doesn’t end there, however. Not long after, the stock sank into the red, just like PLTR, although not with the same severe slump. Suffice it to say that a handsome gain has morphed into a modest loss.

The market is definitely on edge lately and is prone to spiking higher or lower based on any rumors, chatter, whims, or feelings. The Bessent Spike today didn’t last long and – – again, just like yesterday – – we sold off into the close.

Indeed, just as I was composing this post, the futures market re-opened, and equity futures went positively APE, ripping above the Bessent peak. I’m not quite sure what’s happening, but it’s obviously a big deal (and, I’m betting, the latest Trade Talks Are Going Well rumor).

Longer term, however, the path is clear. Below is the /RTY on a daily basis (as opposed to the minute bars shown above for the /ES, which are perpetually clutching their pearls). We have hammered out a steady, smooth series of lower highs. It’ll be clear by the end of day tomorrow, post FOMC, if we have a shot of continuing lower from here.

In the meanwhile, I’ll think I’ll traipse off and see what the futures are so riled about all of a sudden.

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