This post would have been a lot beefier had I done it at the open this morning instead of now. You can blame my doctor for having a cancellation (I’m fine).
I wrote in the newsletter this morning that something was fishy about this breakout and that I would only close out shorts. I did not go long. As I write this, the Dow has just turned negative from its early triple digit gain so pass the tartar sauce.
Volume during the selling has been heavier for this part of the day than it has been in a while. And the crazy reaction to news was not the kind of stuff technical analysts use to gauge sentiment.
We’ll have to see how this day ends before drawing any conclusions but if I were a betting man, which I am since I play in the markets, I would say that people are going to be talking about depression again soon. Only this time I will be buying a lot of stocks.
