Futures Soar, But Will They Still Be Up Monday Morning?
2022.05.23 11:56
There is precious little that can be divined from the first half hour of futures trading on a Sunday, but frankly, folks, I’ve got no new posts left in me, so I wanted to just do a quick last one before signing off.
To my mild disappointment, all the equity futures leapt about .666% higher at the opening bell, and as I’m typing this, they’re all still green. We remain beneath overhead supply, and I’d really appreciate it if the market gods could keep the price action beneath those horizontal lines I’ve been mentioning.
S&P 500 Futures
ES Chart
Crude Oil WTI Futures
In fact, on my entire futures watch list, the ONLY red item right now is crude oil. That’s a silver lining for me because I’ve been getting more into energy shorts.
Crude Oil Chart
What’s key here is that crude remain below its own horizontal. To be clear, I have no position at all in energy products per se, but instead have a variety of puts on energy-related companies.
Crude Oil Chart
This should be a very exciting and interesting week ahead, and then we move into a complete lame period in which there are TWO federal holidays (because government employees work SO hard) in the span of merely three weeks! Memorial Day and the Juneteenth.
This week, though, we get all five days that God intended, so let’s make the most of ’em.
