The casino, Ooops! I meant to say stock market will be open on Monday. The bond market and banks will be closed on Monday...
I have appointments all day Tue thus not available to trade. I will be trading Mon and Wed. So, using all the technical signals, calculations at my disposal tells me, hmmmm... Tuesday will be the perfect short term bounce day. :
"swimming laps around a bottle of louey the 13th, jumping off a mountain into a sea of codine".... Little Wayne ( weeeeezy )
we had a 1000 point move on friday, some body had to have gotten a nice chunk of that, but i agree 15%-20% in one day is a bit outrageous.
01/03/2001 QQQQ jumped ~+17%. so a major move like this in just one day in a major index is not unprecedented. given the current volatility, we are quite likely to see +10% daily move in SPY before October is over.
Treasury this morning says they'll have a plan within "days" to nationalize...errrr...take equity stakes in financial institutions. That plus a guarantee of interbank loans of less than 90 day duration would probably be enough for a 10-20% gap up in something like XLF. Volatility cuts both ways - big on the way down is usually mated with big on the way up.
We just finsihed the worst week in DOW's recorded history and the highest CBOE VIX intraday price ever (76.94) as well as the highest close (69.95). If there are any conclusions to be drawn here, it is that we are in uncharted territory. This could be the buying opportunity of a lifetime or a crash unlike any we've ever experienced. :eek: