Even 70% lower closes in recent weeks hasn't budged stock index futures
North Korea tensions haven't broken the Teflon S&P
We've noticed that (assuming today closes in negative territory), 10 of the last 14 e-mini S&P 500 sessions have closed in negative territory, yet the index hasn't budged in value. In fact, it is a few handles from where it started the "red" streak. Normally, if the market had such a high rate of negative closes it would be a disaster for the value of the major indices. Is this sideways action the new bear market?
Consumer Confidence is at an all time high while stock market complacency is at an all time high. We have to wonder if this will eventually prove to be a dangerous combination; the world is simply too comfortable.
Market participants are high on the benefits of an easy money policy, but where will the next fix come from? Earnings are good but the market is "richly" priced at current levels. It hasn't paid to be a bear, but the risk of being "long and wrong" is growing rapidly.