Larry, you *might* get another chance later this afternoon at 2:45-3:00 when (not "if") They run (not "try to run") the DJII past 9800.
In any event, cut today's graph out, label it "DEAD CAT BOUNCE", and paste it in your notebook. Two days in a row where we gap up, run higher, and then sell off? Only DeNiles and Kippy would pretend that it ain't dead meat at this point.
So THAT'S why they didn't gap it down another point or so this morning on the AMD weakness (and their own 3:55 meltdown yesterday, of course) to suck in a lot of new shorts! Because They weren't going to cut off their air supply. Even somebody shorting at the close yesterday is gonna be looking pretty good by today's close! Gotta put that in my notebook.
Re DJII, They're trying to pretend that the artificial century mark is real, but every other index in the market is having no trouble holding its higher gains, and/or record intra-day highs.
Greenspan speaks to some banking group any minute now; since his text is already on the net and looks like the same junk as yesterday's speech (and given the pro-forma lows early this morning and the kabuki theater at DJII 9800), I'm withdrawing my prediction that the markets drop after his speech. |
