The market started the day weak, bounced and then came back down later in the afternoon.
The market is closed tomorrow, for all intents and purposes today is really Friday, just like negative interest rates are really a positive. Welcome to 2016 where the stock market goes from a bear market to a new bull market in one months time.
The pattern from last year is playing out almost to perfection this year. Earlier this week I mused that that pattern was running out of gas.
Wednesday Charts - $GOOGL $TSLA $YHOO and more......
Stocks opened the day lower, rallied back to even, and then collapsed into the close, ending the last day of the quarter sharply lower.
S&P500 Futures are now trading below Monday's open.
Today's late day action wasn't the only excitement. Numerous trading vehicles had to be halted in the middle of the session, including the $VXX. The $VXX halt was 5+ years in the making.
Was today's late day trading action an indication of what is to come? Or was it a product of end of quarter window 'undressing?' More on that and some potential moves coming for $TLT, $SSYS, $TWTR, but first: here are tonight's scans:
The market, despite what the VIX is saying,