Do not look for a reason in the news. They just find some f... reason AFTER the market moves. even a cave man can find a reason after market has already moved......
A couple of things,
Yesterday, we had a down day and after market Led it to a gap down . This morning's up movement went a little higher than it should have. It then gave an opputunity for some longs to cover around 1100.
When it was time for the 2:00PM market movement, buy orders were not enough to push the market higher, So they used their free hands to send the sell orders to the pit. It then just created some sell panic and .....
One thing I learned within the last 5-6 years is that , the afternoon traders, mostly @ 2:00Pm on the floor , dont care where and what level the price is. The do what they think can get an extension to the end of the day.... they don't care about the news or what has happened in the morning. their job is to evaluate in which direction they will find more backup...
A couple of things,
Yesterday, we had a down day and after market Led it to a gap down . This morning's up movement went a little higher than it should have. It then gave an opputunity for some longs to cover around 1100.
When it was time for the 2:00PM market movement, buy orders were not enough to push the market higher, So they used their free hands to send the sell orders to the pit. It then just created some sell panic and .....
One thing I learned within the last 5-6 years is that , the afternoon traders, mostly @ 2:00Pm on the floor , dont care where and what level the price is. The do what they think can get an extension to the end of the day.... they don't care about the news or what has happened in the morning. their job is to evaluate in which direction they will find more backup...
.