Joseph, the usual situation happened - rise in the morning, then massive selling.
*However* I did not see many big blocks flying. I strongly suspect, that it was traders shorting, not so much institutions unloading. FBCO, CIBC, MLCO relatively quiet.
I have the weirdest feeling from watching the trading, that we are at the bottom, or very close to it. Even though the market is getting progressively worse, NITE refuses to drop below 46. Of course, if the market just tanks horribly, all bets are off. But I have the uncanny feeling, that buyers are beginnig to come back.
Very interesting. No guarantees, but with just a bit of luck (market doesn't tank), this could be close to the bottom. Unfortunately, I am afraid the market does not look too hot going forward.
Morgan |
