Anyone know why the selloff at 3pm?
- Thread starter sammybea
- Start date
From briefing.com it was a program selloff triggered by the new highs in the S&P 500.
Program selling once S&P broke the old record closing high & made a new intraday high....
http://news.moneycentral.msn.com/briefing/StockTicker.asp
(scroll down to 15:30 entry)
http://news.moneycentral.msn.com/briefing/StockTicker.asp
(scroll down to 15:30 entry)
That large vol shooting star formation on spy/qqqs doesn't make the breakout argument look all that convincing.
"Somehow reminds me of the previous 27 market breakouts to the upside that look tired, plagued with negative divergences, negative candle patterns and terribly low volume. And still somehow we ended up higher "
Granted, the markets have made a mockery of candlesticks and bears of late. Although, in defense of the bear argument, it does seem to be the only long tailed candlestick (hammer/shooting star) on that type of volume since the surge of the march buy on the dip.
Can't the bears at least have 1 pt. to the downside? Stop hoarding all the porridge dipsters
"Somehow reminds me of the previous 27 market breakouts to the upside that look tired, plagued with negative divergences, negative candle patterns and terribly low volume. And still somehow we ended up higher "
Granted, the markets have made a mockery of candlesticks and bears of late. Although, in defense of the bear argument, it does seem to be the only long tailed candlestick (hammer/shooting star) on that type of volume since the surge of the march buy on the dip.
Can't the bears at least have 1 pt. to the downside? Stop hoarding all the porridge dipsters