Earnings season officially kicks off Thursday morning with J.P. Morgan leading a trio of banks (Alcoa now taking a back seat), and expectations are running high. The market, on the other hand, has been running low on enthusiasm lately. Is it because things are bad and investors are worried about recent events, triggering the VIX on its current rise? Or is it because things are quiet and investors need to worry why no one is worried? Are the bulls banking on the banks, or are they just too worried to care? Well, you can be the judge. Either way, in a market fueled by perpetual worry, as a trader, there’s no point in worrying over things you can’t control. Overall volume dropped on Wednesday, but the decline did lead to some distribution on SPY and the big board. Both TVO and IO are smack in the middle of their ranges, and with HG pointing to a DOWN Next Day Move, depending on the reaction to the banks, another flush to the downside might be one more thing for the bulls to worry about. -MD
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