Another overnight downgrade warning of US, this time S&P. Who are the idiots dumping S&P futures on these ratings warnings? S&P and Moody's are always late to the party, firefighters who arrive an hour late. We keep making these ridiculous lows overnight and then ramping for the rest of the overnight session to greet eager open buyers with stock at pumped up prices. Only to have these buyers turn seller near the day's lows in the 2nd half of the day.
Why the pumped up opening prices? Because everyone sells at the close for fear that Europe will fall of the face of this earth and then when it doesn't happen, they bid em up at the open.
This is a fear driven market, not a greed driven market. Remember that. They trade quite differently.
Subscribe to:
Post Comments (Atom)
Posts
4 comments:
Bernanke is on the phone with moody's and s&p's forcing politicos. We should have debt ceiling resolution prior to deadline. I feel next week the s&p500 will force politicians too.
What's your call on rest of day MarketOwl? Rally and burn recent shorts? Or follow pattern and close weak?
See next post, I think we rally into the close and burn the Fast Money shorts.
I think you give the fast money crew more credit than they deserve. Their following isn't anywhere near the size of Cramer.
Post a Comment