1 week ago to the day in [Seriously] we wrote
We just went from S&P 858 to S&P 874 in the span of 5 minutes... 1.9% return. How the heck does the market change direction 2% in that amount of time?
Seriously, "they" are making a mockery of this market... I wonder if anyone in the SEC is the least bit intellectually curious why this is happening.
Where's Fonzie when you need a shark to be jumped?
Well today, the exact same move in 25 minutes... S&P 857 to 872... 1.8% return.
Fonzie is back. More importantly "S&P 870" (critical line in the technical sand) is saved - just like a week ago. I don't know who can take this stuff seriously anymore.
When you really watch the action day to day, there is so much under the surface stuff going on that is bordering on Madoff ;) Yep, a market down all day that could not burst over any moving average - suddenly has an influx of (ahem) buyers in the last 25 minutes and our technical condition is "saved". Oh well, we'll just chalk it up to "short covering" (wink) and continue on to the next day.
4 comments:
mark this is clearly the free markets doing their thing
;)
TM... Very light volume.. And people are closing positions before leaving their desks for XMas and the New Year.. jegan
jegan,
which holiday was last week where people closed their positions on Monday driving the market up 2% in 5 minutes?
;)
TM.. It was light last week and people (myself included) began selling early ... I expect similar activity into the end of the year as the market will keep getting lighter and some window-dressing ..
Have a good New Year! jegan
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