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“Sometimes the wheel turns slowly, but it turns.” – Lorne Michaels

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Equity futures were sharply lower this morning but have rebounded sharply in the last hour.  There’s no specific catalyst to the move, but the BoE’s expansion of its bond-buying program has certainly helped.  The monthly look at small business sentiment from the NFIB came in slightly higher than expected (92.1 vs 91.6) and increased slightly relative to August’s reading.  There are no other economic data on the calendar today, but Cleveland Fed president Loretta Mester will be speaking at noon, and remember that in late September she made some rather hawkish comments suggesting that hell or high water wouldn’t deter the Fed from hiking rates to combat inflation.

Between value and growth stocks yesterday, we saw a modest divergence where the S&P 500 Growth ETF (IVW) traded at a new low while the Value ETF (IVE) did not.  At face value, that divergence would sound like a negative for growth stocks.  Looking at the price charts of each ETF, though, shows that while the growth ETF made a new low yesterday breaking through its September and summer lows, the value ETF had already broken below its summer lows in late September.  So yes, value has outperformed over the last few days, but the technical picture for both is lousy.

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