Last night’s hype surrounding $AAPL (and to a lesser extent $FB) sent the futures rocketing after hours. This morning, that strength found follow through with the NAZ futures up well over 1.5% ahead of the opening bell.
But the open for the day marked the high and stocks got smacked against the pavement. The NAZ shed 70 points in 40 minutes, so it was pretty much solid red right out of the starting gate. The NAZ futures went negative within 35 minutes of the opening bell, giving up all those early gains and more.
What too many people fail to remember about the market is that there are no rules. Nothing states that strength or weakness will hold. In reality, the behavior of the market is often just like the weather we get here in the central plains during the springtime…if you don’t like it, just wait a little while – it’ll change!
Here’s a look at the spanking in /NQ with a 3min chart including the after-hours, overnight, and pre-market activity:
Stay on your toes out there. There’s a lot of day left. As we’ve already been reminded, literally anything can happen.
Trade Like a Bandit!
Jeff White
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