erikrkolodny
ET Sponsor
This is what I wrote:
"Most notably is that it will be rumor-driven. Prices are likely to stage a small rally mid-morning as shorts take in some of their good fortune, but if there is no major development to shift sentiment intra-day, the sell-off will likely gain steam as the day progresses."
There was indeed a major development in that the White House came in and said that the Feds would ostensibly do whatever it took to keep the autos afloat. I for one did not see that happening this morning and that did change sentiment. In fact, as GM went unch, I bought a decent slog of the stock at 4.12 and sold it respectably higher. It is, indeed, about reacting to the news. I cut and pasted what I did with the time stamp:
12:08:48 Filled GM SELL 700 700 0 NSDQSTGY 4.15 4.1500
12:07:55 Filled GM SELL 800 800 0 NSDQSTGY 4.22 4.2200
12:07:26 Filled GM SELL 1500 1500 0 NSDQSTGY 4.24 4.2400
12:05:33 Filled GM BUY 3000 3000 0 NSDQSTGY 4.12 4.1200
Be well,
Erik
QUOTE]Quote from smilingsynic:
Well put.
On the S&P (March ES), the overnight low was exactly a 50% retrace of the all-time lows to the most recent high. And yet the total sum of the recent bad news is greater now than when the market hit that low.
The market's discounting of bad news may well have already begun. [/QUOTE]
"Most notably is that it will be rumor-driven. Prices are likely to stage a small rally mid-morning as shorts take in some of their good fortune, but if there is no major development to shift sentiment intra-day, the sell-off will likely gain steam as the day progresses."
There was indeed a major development in that the White House came in and said that the Feds would ostensibly do whatever it took to keep the autos afloat. I for one did not see that happening this morning and that did change sentiment. In fact, as GM went unch, I bought a decent slog of the stock at 4.12 and sold it respectably higher. It is, indeed, about reacting to the news. I cut and pasted what I did with the time stamp:
12:08:48 Filled GM SELL 700 700 0 NSDQSTGY 4.15 4.1500
12:07:55 Filled GM SELL 800 800 0 NSDQSTGY 4.22 4.2200
12:07:26 Filled GM SELL 1500 1500 0 NSDQSTGY 4.24 4.2400
12:05:33 Filled GM BUY 3000 3000 0 NSDQSTGY 4.12 4.1200
Be well,
Erik
QUOTE]Quote from smilingsynic:
Well put.
On the S&P (March ES), the overnight low was exactly a 50% retrace of the all-time lows to the most recent high. And yet the total sum of the recent bad news is greater now than when the market hit that low.
The market's discounting of bad news may well have already begun. [/QUOTE]