So, the futures run-up into the close was phony and not the selloff beforehand?
Aided by Dupont (DD) and Texas Instruments (TXN), are we just going to go right back to where we were before the programs kicked in? Was this some errant bet by some market player who believed that Romney would score a KO last night and Romney's better for stocks than Obama?
Seriously, that whole move is a total head scratcher. When I was trying to write my open for last night's show I was acutely conscious that by the time I finished having my make-up applied, which actually takes about seven minutes, the market's coloration had changed and changed for the positive ... for no reason whatsoever.
Of course, when it's happening you think that the decline happened for no reason whatsoever, given that the last word is so final in this game.
Now we look at the landscape and we think to ourselves that perhaps Friday's selloff was the beginning of something bigger?
How about this way to look at it: we are seeing some weakness in the industrials, but pretty good performance in a whole host of other stories including domestic housing and banks. We are seeing pronounced weakness in tech as that sector shrinks and shrinks and shrinks. We are seeing that oil and gas can't rally when Iran is making nice, something that I didn't think would matter all that much, but is clearly a cause and effect the day after a debate where nobody seems to want to upset Iran.
And we have the higher yielders hanging in as slowdown talk intensifies.
To me, that feels like slightly worse than business as usual, so the run up was a joke.
This feels more like the real deal and I am beginning to believe it will remain that way until tech plays a smaller role in the S&P, because it is tech and even the tech divisions, think Dupont, are hurting this market.