90 minutes in today and gap traders were licking their chops…although a timely exit may be in order. Volume Buzz evident on XLB and XLE…and SPY. As usual, to confound traders and scare the children, VIX is down 3% as the broader markets stumble to recover. Note that next week is 5 consecutive POMO days…all big except Wednesday, which is just a modest $ 2 B day. Consecutive POMO days have proven to be a good catalyst for positive market momentum and next week may prove to be the acid test as QE winds down.
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