precisely, if you add the shorts in addition to the longs in your explanation. I will post a copy of a post explaining this for today's trading.
I would not consider it a "sell-off" as much as a buyers strike.. No major player wants to be exposed over the weekend with the meeting going on.... Also, most taking care of redemptions etc etc to be establishing new posistions on a late Friday.... You people really "over think" all of this ..... sometimes it just very simple... SteveD
The sell off occurred because price got to a key resistance point and found no demand, in fact, a very obvious classic reversal formation formed at this point with optimal volume divergence. No reason to find the why, it can be anything, or many things, does it matter ?, but price is the truth and that never lies, too much supply, no demand, down we went. These are special times and one thing is certain this is first and foremost a trader's market. Anek
There is an expectation of good news coming out of G20. Gordon Brown is calling for a coordinated global tax cut but I doubt it would happen, they would rather lower interest rates then lower taxes especially in Europe.
Actually there was significance today. The Big Apple Circus rang the opening bell and gave clown noses out to the floor people
Didn't SPY volume drop dramatically in the last hour? People trying to bail with no buyers ... price takes a dive. Still looks like more 830-1000 SPX range trading to come ...
Hogwash! The notice of redemption deadline was today for some, but that doesn't mean any assets had to be sold today because of it. Redemptions are to be distributed after Jan 1, so whatever selling is required for that could be done up to the market's close on the last trading day of the year.
I was looking for dirt on Citigroup and came across this message, posted at 2:23pm today. http://www.godlikeproductions.com/forum1/message665346/pg1