Spikes like that late day short squeeze mean that only the most nimble can stay out of trouble. Such snapback rallies are not uncommon given how far markets came down the past week. I did mention this possibility yesterday, but did not expect it to happen so soon. It is not uncommon for markets to bounce after relentless selling, the first few bounces usually fail. The dominance of HFT must mean that even this activity is accelerated in time. For me, the only question is how long to give this bounce before getting active on the short side again. The monthly jobs number out Friday may provide one such entry point.
ACME issues an earnings warning. Does not bode well for tech in general, they are in one of the few growth areas. Costco and YUM do well-all consistent with economic slowdown.
Some fool on CNBC shrieking above a headline that reads “Greeks protest against austerity.” How many of you would vote for it, particularly if you didn’t feel responsible for the profligacy in the first place.?And how about those who would Occupy Wall Street? I suppose I have to something about them one of these days. DO we need Elizabeth Warren?