Thursday, September 22, 2011

Looks like Some Short Covering to Close the Day

We've bounced some 13-14 S&P points here in the last 20 minutes.  I would not get super excited - anyone lucky fortunate enough to be index short 25 hours ago just made 3-4 months worth of money.

1120 did hold of course.  Again, this action should NOT point to any great gap up tomorrow but we have seen very strange things the past 3.5 years so who knows what we will be greeted with.  It would actually be better intermediate term to flush out and get panic selling in the near term, rather then a gap up.

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