Nov

9

VicYou have to admire the extraordinary duplicity of the market mistress on all days. Take today, Thursday, November 8th, for example. Last Thursday was down 40 so this one started out by going down 40 as of 2 pm. Yesterday was down 20 in afternoon, then today up 20 in afternoon. S&P always follows Dax — except this time: S&P futures down six but Dax up 70. The Naz down 3.5% while S&P unchanged. S&P itself unchanged but S&P futures down six. The open Wednesday down 20 but today's up five. The Dow hit the 13000s but ended at 13266. Bonds and Bunds the opposite of the previous day. Google which never goes down below the round number, down $40 on the day. Everything was like Thursday August 16, the day before the Fed change of direction, except that one after going up its 40, closed up 10 on day, whereas this one after going up its 40 ended down on day. Many other levels of deception also for those who observe - e.g. what happened at 2:59 EST to turn the market by 3% a in half hour?

Jim Sogi adds:

The recent moves are hard to understand as well since they are going off the charts so to speak in terms of magnitude of the moves with few recent historical precedents.

It is also interesting how the foreign markets seem to be rambling into ours late at night. It is a small world after all.


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