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That was a thoroughly rancid close today, and although you could attribute some of it to thin conditions etc, the same excuse could be proffered for why the close was extreme to the upside.....
......only it wasn't.
Trading conditions are rank, especially after 2:00 PM when the 'roid-addled programs start flying. Maybe Barry Bonds is on Wall Street now because it's that kind of phoney market.
I mentioned this afternoon that there's been a decent probability of a good close on a trendy up day when internals are good, but it didn't happen today.
Now here's the good part (for sadists) -- many traders with discipline probably got stopped out this afternoon yet, who knows, tomorrow they may run them up 150 points.
It's really, really, an endurance test, mentally and physiologically.
How long did the war to end all wars go on in the early 1900's?
We have to be prepared to live in these trading trenches, at least until open rebellion breaks out in the streets, which may end up happening at some point when they break the bad tax news to all those citizens expecting only the filthy rich swine to be redistributing their income. People took the hook with the twitching worm on the end, and now will get gaffed.
Everything is a trade for now until conditions get better.
I'll see you before Thursday's open before shutting down around noon.
Stephen
