No Reason for Futures to Slide

 | Jun 11, 2013 | 6:40 AM EDT  | Comments
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Is it back to the days when the market goes down even when nothing's different from the day before? Is it back to the days when we take our cues from the clueless futures? Is that how it works now?

Honestly, when I looked at the market at 4:10 a.m. EDT, it just looked like another blahday when the market would go down because only macro-focused guys get up early and trade.

Then, two hours later, we learn what? Nothing. Nothing at all. But the futures are down huge, so we have to break out the shoehorn and make up a thesis that can make enough sense so you don't sound too silly uttering it. Something like: "Japan left things unchanged, so of course we are going down." Or commodities are weaker again because of softer Chinese data, which suggests the slowdown is continuing.

Heaven forbid any of it actually relates to the U.S. market. That would be too easy -- too accessible.

So we wait to see if there are real sellers or just futures sellers. Because the only news tidbits we really have are a better-than-expected guide-up from one of the largest food companies in the world, General Mills (GIS), a higher bid for Sprint (S) and a good quarter for Lululemon (LULU) that was overshadowed by CEO Christine Day's departure.

To me that's more plus 2 than down 13 on the futures. But, then again, I am not a 32-year-old futures hot shot who knows so much more than that.

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