Wednesday, March 24, 2010
Market Doesn't Waste Time
Wow. This market doesn't waste time when it decides to make a move. I figured we would get a little up and down action Wednesday morning and then go down, but obviously we made the initial downthrust in premarket. The EU summit starts tomorrow, and I think that will magnify the Greece jitters again, and with the euro hitting new lows on this downmove, it should take the market down with it. I think ES 1145 will likely happen by Friday. I am going to get short this morning, but I don't like to short gap downs in strong markets, so I will wait for an attempt at a gap fill to get short. I think we'll have a weak close today and further weakness on Thursday.
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Tuesday, overseas markets dropped. They wanted to drop, but no, the US wanted to rise. Wednesday, overseas markets said thank you to the US for elevating the prices, but also said "Screw you, we're selling off". At this point, the US bulls and bears are probably confused at what direction the US will ultimately go.
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