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Here we go again with the meaninglessness of the futures. Looking down last night, off of what, Asia? Looking up today off of what, Asia? Every night and morning bad bets are made at the opening of trading by hedge fund managers trying to find an unfindable edge.
To me this nonsense is part and parcel with what I call the "new" market filled with players who try to react -- not anticipate, but react -- to nonexistent events, trying to get "positioned" for the day.
I think some patterns are worth acknowledging: When you have a big Friday off of options, you have lots of people who exercise calls and hope for a big opening, which if they don't get, they have to sell out before having to put up margin. They should lead to selling in the futures in the a.m., but we didn't get that kind of lift.
Of course, if there is some sort of bank seizing, that's significant. President Obama's forays into business are also good for a few negative futures points.
But for the most part these are all errant, errant to the high side and errant to the low side, by people who simply can't resist trading.
Don't trust them either way. They have been unfathomably wrong during this period and they have reporters and columnists and the early-morning talk show people scrambling needlessly for nothing, because there is nothing there.
Jim Cramer is co-founder and chairman of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer had no positions in the stocks mentioned.
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