This market doesn't like to close at the lows. Late in the trading day, with only a few minutes until the closing bell, stocks hit their lowest levels. The action looked ominous. Perhaps the long awaited free fall for stocks would send the indices plunging into and after the market closed. And then... the market did exactly what it's been doing since the March 2009 bottom.... it embarked upon an eye popping, spastic, furious, spike-a-thon, for no other reason than it could. It's as if the market was laughing at the market bears, the shorts, those betting for more downside and saying... what takes you hours to construct I can rip apart in a matter of minutes. Go back to sleep.
The question still lingers as it does with every other day the market sees a moderate decline in prices. Is this the start of a significant pull back? Has the market topped?
Is this the start of the end? After months of relatively quiet trade, these .8% pull backs feel a lot more like the 3% pull backs of years past. And yet we know tomorrow could bring the pink eraser out and make today feel like it never happened. I do know a few things and in the midst of today's recap I will share them.
- For one the range
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