Do not look for a reason in the news. They just find some f... reason AFTER the market moves. even a cave man can find a reason after market has already moved...... A couple of things, Yesterday, we had a down day and after market Led it to a gap down . This morning's up movement went a little higher than it should have. It then gave an opputunity for some longs to cover around 1100. When it was time for the 2:00PM market movement, buy orders were not enough to push the market higher, So they used their free hands to send the sell orders to the pit. It then just created some sell panic and ..... One thing I learned within the last 5-6 years is that , the afternoon traders, mostly @ 2:00Pm on the floor , dont care where and what level the price is. The do what they think can get an extension to the end of the day.... they don't care about the news or what has happened in the morning. their job is to evaluate in which direction they will find more backup...
Also, Falling $ like this, is really not a good thing for US market...., It will be an interesting tomorrow, funny is now everyone thinks we will get an extension, and you know how bad market doesn't do what everyone thinks....
thats a really gd comment abt rising oil and falling $, makes one wonder whether the whole economy can come to a standstill due to that
7:00AM - "Wells Fargo Is Proving Itself To Be A Standout.. Would help push the market" - Dick Bove 3:00PM - Dick Bove Downgrades Wells Fargo to a Sell lmao.
Its pretty simple, we came a couple ticks from touching yesterdays high (which is the high of the entire up move thus far), then consolidated for 3 hrs in sideways action. Considering tomorrow is the jobless claims # pre-mkt and the way the mkt showed no strength after the first attempt to test yesterday's high, seems fairly likely we'd get a good size sell off once 9125 broke on the ES (bottom of range of the consolidation today)
The good news is that the markets can celebrate 10000 again, just like we did last week and 10 years ago. . When will the idiots learn that 10000 means absolutely nothing.