Art's futures biases for Oct 29.
A "1" means bullish bias. A "-1" means bearish bias. The total is the sum of biases. A positive sum will be long bias. A negative sum will be a short bias. A sum of zero will be a neutral bias.
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The bond complex is flashing buy signals for Wednesday. This may or may not dovetail with my impression of what is probably around the corner for the stock market.
Tuesday saw the second time this month that the Dow closed in the approximate +900 points for the day range. The fact that the two days represented the first and second biggest single-point day gains in history, (dramatically eclipsing the third highest) and that this is happening in the middle of a market melt tells that it represents a buy-side panic that differs little from it's sell-everything-now downside counterpart. In other words, people are suddenly scared they may have missed the move already. They haven't, as they're likely to find out sooner rather than later. The usual function of bear market rallies is to provide more grist for the downside mill. In other words, Tuesday was an opportunity for a hostile market to trap evermore longs. The last episode was followed by an almost equal down-side route the very next day. I suppose nothing is going to be quite that easy, but maybe that's part of the market's latest double-reverse-get-them-with-their-pants-down yet another time. With the Fed making their announcement, the day's market action is going to be interesting indeed.
