Attachment 32462
Quote:
Originally Posted by PaceAdvantage
Pop quiz...when was the last time you remember futures being up almost 2% overnight after an up regular session of 2%?
It's been a while...I can't remember the last time the overnight was up this much around midnight...something is driving this market tonight....
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Imo, overnight futures and US market pricing when markets are open are (still) very much driven by price movement in the dollar.
Clickable thumbnails below:
Daily Chart BBDXY (Bloomberg Spot Dollar)
Daily Chart SPY
Fwiw, my takeaway:
During this current market cycle price movement in the dollar is shortly followed by proportional price movement of US markets in the opposite direction a very high percentage of the time.
Sometimes market pricing (short term) becomes disconnected from movement in the dollar.
That was the case this morning after market open. The dollar was rising but the SPX was (still) holding onto its gains.
When I saw this I decided to add a few more SPY Nov252022 320 puts at 1.60 to the trade I posted in the other thread (clickable thumbnail below.)
-jp
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