Market make plummet before the MLK day

Markets opened higher to start the day but faded a little bit to midday. Notably, the SPY never made an hourly close below its opening range.

There’s been a little selling pressure in the IWM, but nothing major at the moment. Oil drillers (XOP) are down 1% on the day with utilities (XLU) up 0.41% and financials (XLF) up about 0.4%. Otherwise, everything is up around 0.2%. Interesting how the Dow (DIA) is almost flat on the day.

Chances are we get a floater into the end of the day. Volume dries up and markets tend to move in the direction they’re headed. Wall Street will be watching how we keep opening higher and then selling off immediately. That’s indicative of profit-taking. 

One market that keeps getting crushed – Natural Gas. Pretty soon it will be cheaper than water.

Also of note, bonds are down a touch, and interestingly the VVIX is up 1.32%.