The U.S. stock market is calm. I dare to say that it’s suspiciously calm. But is this the calm before the storm?
For the entire month of April, the S&P 500 Index SPX, +0.16% did not rise or fall more than 1% on any given day.
Also intriguing, since March 26, the S&P 500 gapped higher at the open 15 of 17 days. Those gaps account for 97.9 points worth of gains, but the S&P 500 is up only 87.79 points since.
That means during regular trading hours, the S&P 500 did nothing more than digest overnight gains, and actually gave back more than 10 points.
Hard to see this as anything other than a heavily deformed “”market.””
I measure the move off the December lows as a near-perfect 80 degree angle.
As natural looking as Donald Trump’s hair.
Way to go Jerome…you now own the most perverted “”market”” in all of history. Good luck with that.