Episode 250: Daily Covid and Markets Podcast - Tuesday, May 12
In the height of market violence throughout March and April it was routine that the overnight futures would do one thing, the opening the next morning something totally different, and the action throughout the day something different still. Sometimes even then there was no clarity as to how things would end up as 400+ point moves down or up even in the final hour of trading were extremely common (either as reversals or pile-ons). Lately the futures I have seen before bed time, the futures I wake up to around 3:00am, and the market opening levels have all been pretty in line with one another. There have been late day trading reversals (as I highlighted most days last week), but the futures and the opening levels have been pretty consistent.