Yes, I've had the same notion, as the pattern b/w yesterday & today is mirrored across several stocks that I own, and I attribute such overall market behavior to the double-witching that occurred today.
Yesterday's new, between Greenspan's Senate report, IBM earnings, and weakening housing numbers, IMHO, were the fuel behind yesterday's rally. Yet today, in light of the foregoing, we focused on weak earnings from A and ERICY. IMHO, this is not enough that it should reverse yesterday's gain to the extent it did. My final answer? Option expiration. We shall see Monday.
PS. I was short several NEON Jul 35 Cs that I was hoping would expire out of the money, figuring the stock should soon rally back to the low 40s where I can then unload the shares I was initially intending to unload at 35.
As Jimmy Buffet would croon . . "Come Monday, it'll be alright . . . " |
