While hardly the biggest priority for NYC at this time, where rats in downtown New York of all varieties are doing their best to scramble away from the flood and get to higher territory, futures have just resumed trading for the overnight session, only to close before the average retail investor can buy or sell (mostly sell) tomorrow at 9:15 am. The first trades indicate a resumption of this morning's weakness, but keep the 1400 support area in mind: if solidly taken out this may be Waterloo for the Fed for this year and take us promptly to Goldman's year end target of 1250 in the S&P. And while normally we would expect the futures to get a NY Fed-assisted ramp that would make the TSX last second surge seems like a joke, the just released news from AAPL could well shake the bulls out of their trance, and finally force the world's biggest hedge fund hotel (230 hedge funds long) to puke and take the entire market with it. As we post, S&P 500 futures are sliding to 1397.5 (down over 10 points) - in line with where we noted they would trade at today's 'pretend' market close.
S&P 500 futures tick chart...
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Nailed it...
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P.S. having been subjected to not one but two days of spotlighting from various fringe blogs, Kevin Henry is now "gray" on BBG so it is impossible to determine if he is manning the Tungsten fort tonight.