Deja vu all over again, they are trying to make it look like last Friday- right down to MSFT leading the comeback charge. So what's the theme song this time around?
MSFT up a buck, tick +900 twice today already- I'm beginning to wonder if this diehard optimism is bulletproof. Which is perhaps an argument for black monday after all When you've seen a lot and have trouble believing what you're seeing in the here and now, an extreme event is probably near
surely it's just shorts buying back in for the weekend. Or maybe, the mysterious plunge team are at work. Or, I don't have a clue. Perhaps Waxie decided to run it up a bit because he rules the freakin market.
here's a thought- perhaps the "capitulation day" is another past tendency that has been anticipated out of existence. Like what happened to the january effect.
Aaron Task says Not Capitulation. http://www.thestreet.com/markets/aarontaskfree/10027389.html "The aforementioned and related shares were still down sharply at midday, but expectations (some fearful, some hopeful) that Friday would prove to be the much-ballyhooed capitulation session -- characterized by full-blown panic selling and extraordinary volume -- proved unfounded. At midday, major equity averages were recovering from their early lows. " "Indeed, that is the crucial issue investors are grappling with. The initial knee-jerk reaction today was one predicated on fears the economy's recovery is petering out, or heading toward the dreaded double-dip recession. By midday, many were rethinking the wisdom of that view, as well as the early decision to bail out of equities."
"Well, I've been down so Goddamn long that it looks like up to me" The Doors ****************************************** We got a nice long tailed, large range candle down on support on the daily nasdaq with a nice gapped jump on the VIX. This is the bottom for now. If I'm right I'll be selling a newsletter and if I'm wrong you guys will forget what I said. I can't lose! *********************************************** "When I read about the evils of drinking, I gave up reading." - Henny Youngman