Bill Wexler's Trading Cabana Message Board

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Non-Tech : Bill Wexler's Trading Cabana

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To: Amelia Carhartt who wrote (5072)	3/6/2009 8:31:28 PM
From: RockyBalboa	Read Replies (2) of 6370

I became very sceptical of late day turns. Right before the current rout there was such a turn which sent financial ETFs and the index up, very similar to today. Less than 2 days after that all the gains and then some were eaten. (like this one: Message 25430321 , Message 25430240 ) which was a very strong bounce in banks but look at the levels. FAS way beyond the then low point, as of today. To me it appears that the turn was done with little volume; short covering before the weekend and after the S&P lost a good 100 points in a row since the last options expiry. People still complain too much, are too bullish etc. Still not in "acceptance" phase. The other side is that there have been some stabilising signs, in China, Europe (though the chinese market seems to be stronger than the US anyways recently). But that didn´t prevent US markets from trading poorly throughout the day.

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