The indexes were set to open lower because of a US base in Kenya being attacked, and harsh rhetoric from Iran that their “poet” Salami has been neutralized by President Trump. No one is sad that “Robert Frost” Salami was killed, but are upset that it was Trump who did it. They are even upset that he did it on the “road most taken” in the past by Salami's road bombers – and that made all the difference. (Maybe some will get the humor here).
E-mini futures were down about -14 to -20 going into the open.
The SPX opened down -20.21, and QUICKLY climbed after the open. If you missed the first 5 minutes of trading, you could only get long the SPX at 3220, not 3214 like on the open. Within 20 minutes the SPX was at 3227.
After the open, the SPX climbed higher with AAPL leading the way. The SPX got to 3235 (the unchanged line) and sat until after lunch. At 1pm Chicago time SPX climbed $5 and sat (3240) until he close.
The last 20 minutes saw buyers come in, finally comfortable in taking some risk on despite Iran. On the bell, the markets ran higher with the SPX closing up $11.43 at 3,246.84.
It is hard to sell off with the Fed dumping money in the markets with BIG shovels.
This whole Iran thing is stupid. Iran has been attacking US interests for months. Shooting drones, torpedoes into oil tankers, attacking our Embassy. Now people are worried that killing Salami is going to start a war? Seriously? The market figured out this at about 1pm Chicago time.