Quick Note:
Seems like there is a bunch of negativity on the stream and the tv this morning even as the futures appear to indicate only a modest decline at the open.
Two reasons for this.
1. Underlying the tape there continues to be an abnormally high level of chronic uncertainty and anxiety which magnifies sentiment reactivity. Everybody’s jumpy …
2. The Spooz was up ten earlier this morning and has since faded. Â This one is worth noting as it exemplifies the relative nature of sentiment. If we’d been down 10 and now flat, sentiment would be more chipper.
Objectively, it matters little where we’ve just been even though we can’t resist shading spot prices with the emotional residue of the immediate past.