Monday, May 17, 2010

You Can't Stop Monday, You Can Only Hope to Contain It

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Magical Monday was not going to go down like that. After a quite severe loss just a few hours ago, a quick 14 S&P points has pushed the index to -0.1%. Going green? Seemingly improbable but this would only add to the legend that is Monday.

Further, S&P 1130 has been regained.

EDIT 3:20 PM - wicked volatility, from 1135 back down to 1129 in just a few minutes.

EDIT 3:38 PM - and now right back to 1135. Some serious gyrations for a day that will close near 'unchanged'.

EDIT 3:50 PM - some of the losses the past few weeks in the commodity stocks are breathtaking. Many of these names have given up their entire 2010 move from February lows in the snap of a finger. Dead cat bounces are overdue there I would assume as Feb lows provide support - but really only a useful tactic for daytraders; it appears HAL9000 has left the building since China is trying to slow its economy. Without HAL behind you, it's difficult to build any long lasting positions. At this point some of these names can rally 10% and still be in horrid technical conditions.




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