It is funny watching the morning news panic. Mr. Market woke up hungover and in a bad mood today. It seems he is starting to get over his hangover and getting in a better mood.
It's a game. How many of these ~200 point pullbacks have we had now? They suck in the shorts with hopes of "zomg this is the top!!!"... and off we go on a short squeeze fueled rally through the next resistance level. It's incredibly predicatable at this point. Benny couldn't crack 10,500 by himself, so now he's recruiting shorts to help him.
I hate to be so complacent on markets, but we've seen this movie before. We know exactly how it ends. We will rally up like were currently doing Give the shorts high blood pressure If they don't cover now. They will cover when the futures are driven up on low volume Sunday night.
Folks were too busy trying to save a few dollars on a television set and missed out on this black fridays big early morning stock sales. Supplies were limited and ran out early.
So who said we'd be down today? I LOVE that morning support. So predicatable. Thanks Benny and Goldie Sachs. $$$