The Markets

• In the face of wildly divergent news the futures are pointing to a continuation of yesterday’s last hour. Pre-market volume is highest in my memory.
• Wells-Fargo started things off with much, much better than expected earnings and a rosy forecast.  Shares are up 30%.  American Eagle Outfitters disappointed, big time.  Macy’s mildly disappointed.  Producer Price Index was down the most since ’97.  Ryder Trucks said freight is down sharply.  Seven-Eleven tells us business is slow.
• Lump it all together and you have a market about to open up 2%.  Wha?
• Evidently the earnings and forecast of a key bank is much more important than almost anything else.  I guess I could argue that, as well.
• Go with the flow.  Buy ’em.  Buy ’em big.

Sidebar

• Last night, after serving No. 1 son Nigroni’s* his taste buds were sufficiently dulled.  So, I opened one of the fab Wal-Mart whites.  Didn’t bat an eye.  No. 2 son arrives this evening.  We will grill flank steaks and roasted veggies.  Cannot wait to serve him some of the Cabernet.  Think I’ll transfer it to a Super Tuscan bottle.  Bet he smacks his lips.  Or says something like “great finish”, or “I can taste blackberries”.

* Sweet Vermouth, Campari bitters, gin and two Advil.  Yowza!