I never claimed the last ticks of the day are more important then the rest of the day. Although you could make the case that the last few minutes of the day or normally down, in todays last few minutes the market went down 50 points. That is quite a large move of a little over a minute. It shows that there were very few buyers at those prices.
Was this move about 30 minutes or so before the close? If so I was watching the ES chart as the futures ticked to around 860 which was a pivot point for the day. We had been trending down all day, and Art Cashin came on CNBC and stated a lot of traders were watching the 860 level for a short biased chart set-up. I liked the volume I was seeing on the move through this level and went short at 859.50. I got a few points and noticed the move slow down as the TICKs fell to -1200. A bit worried about a head fake based on such a strong TICK reading and minimal price movement I sold out of my position and watched this move happen. I picked up a quick 2.5 points and missed another two as the move continued downward but felt really lucky I got out as I heard another trader say that he had heard that a buy program had just hit the market. Once this happened, it stopped the move and we had the buy program push the market higher as the sharks made those who went short at 860 pay with a good old fashioned short squeeze. Should have just let this move play out and been happy that I didn't get screwed for running with the crowd...but I stupidly tried to eek out a few last minute points by fading the move upwards.... poor idea.... Deserved to lose out on that trade... So if we are in fact talking about the same move that was my take on it...right or wrong, it was still exciting to watch.
This is good example that stop order is a good thing, Moving your stop to break even is not a bad idea... at the end of the day you would not be hurt when a crazy move like this happens. To me it is nothing but Bulls trying to keep this market float. They will celebrate the FED cut tomorrow and Then, Before you know it we need to bailout another shit somewhere, which I think will be Hedge funds bailout.