Wednesday Outlook: Seesaw Action

I suppose that’s the message he’s sending. But, he knows better given his past experiences and responsibilities. After all, if a bank’s trading desk can day-trade free money profitably, they will. He ought to know.

There wasn’t any follow-through to the upside yesterday, just a lot of two-way action that by the close saw stocks hit by sell programs giving back at least half of Monday’s gains. If you walk away during the last two hours of trading, you’ll miss some great “what the hell was that” action, and that’s been the trend. The last two days remind me of the old maxim: “One day you eat the bear, and the next day it eats you.”

Tuesday was about earnings [crummy], more government intervention including bailouts, backstops, schemes and dreams, and ubiquitous program trading.

Volume continues to be relatively light while breadth was as negative as expected.





























































Go to page 2 - Commodities, Emerging Markets >>

Comment on this article >>