Nearly every, up till now, bear strategist is stumbling up to the alter of AI to profess their regret in ever doubting the AI monster. They now see it’s revolutionary impact on productivity and claim on innovation cannot be stopped. The impact on higher share pricers has delivered these Bears barfing all over their P/Ls as they now claim AI conversion.
At the time of my previous post on November 13th, the march futures contract was trading at or around 6100. As I write this post, futures are trading at 6144, waiting for the Fed announcement on interest rates later today.
The algorithms are net long today so “up” would be better operationally. My own beliefs are different and in the old days would be tossing out low balls just to get a lower price print out to the world. Jumping on and helping the downside push feels right but as every trader knows it is hard to stand in front of the crowd, in either direction, especially when that direction has paid so well.
