Wow. What a day - I missed most of it. Had an appointment this morning and by the time I got back it was over. Everything was at its high of the day and nothing was coming off the floor - including HANS which gapped down severely this A.M. on an excuse. The excuse? That options backdating thing that's been going on. So far HANS is the only stock affected in this manner (severe drop) and they are only going to be investigating - no one has said that they actually had a problem. Thus it is an excuse not a reason. The institutions holding HANS wanted a reason to get out. How do I know? Almost double volume. Then there was no buying once it found a floor. Might be I've lost another momo stock and have to go fishing again. We'll see.
For tomorrow --- the three sisters all finished the last hour in the red as did the ugly step sister (IWM) as did the 22nd century proxy for the market - GS. Unfortunately the VIX didn't move, the new 20 day highs only increased by 17 and the new 20 day lows increased to over 600. The up/down ratio remains in neutral. You would think in such a booming economy that stocks would generally go up - well only some of them did.
This is truly a mixed message but I'm going out on a limb and suggest that tomorrow is going to be a down day because it is needed. I might be wrong but as I'm fond of saying - it doesn't matter because I'm going to play golf.
The magic coin is 26 and 14 because it called for a bear day and it obviously wasn't. For tomorrow the coin says ... heads - bull run again.
See you tomorrow after the market closes.
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