Friday, April 16, 2010

System Malfunction - Market Falls 1%

Danger.  Danger.  System Malfunction. Server error.  The core has overheated. 

Will the epic streak of no losses of 1%+ be broken today?

No worries yet - remember the 6 day moving average is on a closing basis; we've moved below that level on quite a few occasions intraday.  I count 7 episodes in the past 2 months.  And of course today's price affects the 6 day moving average (since this is one of the 6 days) so what was S&P 1203 this morning is now down to 1200.5.

That said, I'd be more than happy to suffer some losses today just so the bulls can at least have a 1 micro bead of sweat for at least 1 afternoon.  But not counting on it.

EDIT 11:10 AM - my sources have triangulated on the root cause of the selloff.  Counter measures are being deployed; we'll have him caffeinated shortly.


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