Friday, August 19, 2011

Lows of the Day... and Week, with 90 Minutes to Go

Always interesting to watch the closing hour or so on a Friday to get a gauge of psychology.  Do shorts cover in anticipation of a 'weekend miracle'? (how many of those did we see in 2008 and 2009?)  Or do longs dump positions to avoid weekend risk.  I'm not sure that anything more can go 'wrong', other than the status quo - but right now the status quo just is not cutting it.

With 90 minutes to go, we are at lows of the day on the S&P 500 and the worst levels of the week.  About 10 points away from key support at 1120.  Obviously the market acts sick, is technically damaged, and no longer has the 'incredibly oversold' levels as a benefit.  Let's see how they close 'em.

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