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“I would say that financial markets are very inefficient, and capable of extremes of being completely dysfunctional.” – Jeremy Grantham
Forget about a ‘turnaround’ for now, this Tuesday is looking more like a terrific one as US futures, led by the Nasdaq, are sharply higher following through on Monday’s rally. The opening bell hasn’t even rung yet, though, so there’s plenty of time left in the day. That said, early indications are pointing higher with risk assets all trading higher, although long-term Treasury yields are moving much less higher than you would expect given the move in equity futures. Crypto assets are also in rally mode this morning as bitcoin is back above $50K, and ether is back above its 50-day moving average.
In economic data, the revision to Non-Farm Productivity was lower than expected (-5.2% vs -4.7%) while Unit Labor Costs increased more than expected (9.6% vs 8.3%).
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.
The Russell is indicated to open more than 1.5% higher this morning continuing what has been a volatile run for the small-cap benchmark index. So far during this sell-off from a false breakout, IWM has managed to stay within its prior trading range after falling below both its 50 and 200-day moving averages. In addition to the consistency of much higher than average volume during the last seven trading days, IWM has also had an intraday trading range of more than 2% and averaging more than 3.3% during that span. The last time IWM experienced a run of 2%+ intraday ranges for seven consecutive trading days was back in July 2020.
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