Friday Outlook: Lethal Volatility

Have you ever accidentally deleted an entire word document without saving it? I just did that thinking I was deleting an image but not the document. So after two hours of writing I’m starting over and this will be shortened. It’s too bad since I was having fun with it.

Anyway, today we just witnessed more of the kind of lethal volatility that defines this market.

I was reading the news this morning and couldn’t find a scintilla of positive news. Layoff news was impressive and dominating the headlines as were crummy retail reports.

When markets opened down it didn’t surprise but then in came the bulls to bid things right back up. They were following-through on momentum from the previous two days. Not much took place once the propping was done until 3 PM when powerful selling took over. Any news? Not really.

Volume was about the same as yesterday but breadth reversed and is well presented by our man in Geneva.

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