Now it seems more like rejection of the higher prices... Tues - gap up , hold Wed - gap down, hold - negating Tues. Today - gap up, rejection and now barely holding on to support.
Good answer, I have to give Knight credit. But that's just getting into semantics. In finance, as long as the future outcome is <b>uncertain</b>- i.e. the second moment is not zero, the realized result can differ from expected one - that's risk. Whether you know the odds or not, it's still risky as you still have an uncertain outcome. On a related note, the "uncertainty" created by Iraq situation doesn't necessarily have to make the odds any harder to estimate. It just adds several more possible states to the future.
This week has been the worst for trading in memory. Options pinning and no flow of sucker, public $ into the pool has made trading boring and edgeless.
I could be wrong but there is hardly anybody making markets overnight now in USA equities using Instinet ( ECN) I have never seen it this bad ... maybe it is a bad dream LOL