What a wild ending to the week.
Stocks wiped out all the gains made on the Nasdaq since May 24. The S&P also gave up all the gains it made since May 26. As a result, all this churn-and-burn was for pretty much nothing.
Only the Dow managed to hang in there, giving up just a couple of days worth of gains.
All this angst about runaway markets has been for nothing. The markets are in a state where it takes baby steps for days, then everyone puts on their all-time-highs hats before it takes just one day to wipe out a week's worth of gains.
Of course, next week, the FOMC rate decision from the "wise" men and women of our "vaunted Federal Reserve is expected at 2:00 p.m. EST on June 15. Then quickly thereafter, the talking heads will start to wring their hands about the Brexit issue, which will also turn out to be a total non-event after all is said and done.
The end result, with every passing day, week and month, is that Mr. Market chases more and more people away, as they realize how impossible the odds are against the average person on the Street. Sad but true.
Next week, on the earnings front, Jabil Circuit (JBL) is expected to release its results on Wednesday, after the close of trading. That will follow Oracle (ORCL) and Finisar (FNSR), after the close on Thursday. Those three are the only ones from tech land that will be reporting earnings next week.
Besides the FOMC (non-event), there are also retail sales, CPI and PPI, as far as economic data biggies here at home. On Thursday, the interest rate decision from the Bank of England, as well, will be a non-event too.
I am not sure about all of you, but I am ready to wrap this week up already. I did some slow scaling in going into the last couple of hours of trading for the week. There might be another whoosh downward at the open on Monday, but on the other hand, maybe not.
No one can predict whether the market will open down, or up, on Monday, so lets not waste our time worrying about it until early Monday morning. If anyone could predict next day's open accurately and consistently, he or she would not be around. He or she would be waving to all of us from his or her own island, with nary a thought about stocks, bonds, rate decisions, market opens and market closes or anything even remotely in between
With that, I wish each and every one of you a safe and joy-filled weekend with your loved ones.
If you would like to hear my market thoughts and trades live throughout the trading day, please check out my blog, jaysomaney.com.