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Thursday, March 28, 2024

Futures Testing Support As Liberty 33 Asleep At The Wheel

Courtesy of Tyler Durden

The impossible is happening with futures taking a big hit. Can anyone seriously recall when the Fed allowed this to happen last? The question tonight is who over at Liberty 33 is getting sacked (no pun intended) for this gross oversight. Do those people not realize letting the futures drop is treason and punishable by A. Joseph Cohen rereading Leonard Cohen, in roughly the same octave? If we take out what Bob Pisani would call the psychologically important barrier of 1200, watch for the S&P and gold (last seen at 1155) to play a nasty game of convergence. With the largest SPY put open interest at $117, we may just see a 30 point drop in the index if the “boys” don’t intervene post haste. After all it is well known ponzis are only allowed to go up.

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