Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
What a turn of events. Can’t imagine futures were actually down a good amount overnight.
A lot of shock and awe out there from what I am reading today based on the poor closes Friday and yesterday, and then this out of the blue. Poor closes normally do not lead to next day surges. Count me among those – next time the Germany investor confidence index comes out, I guess I’ll have to actually pay attention. The S&P 500 has erased all the pain from the past few days and is now already back to highs of last week. It will soon once more be testing that trend line from the October 2011 to April 2012 lows, which it broke through early last week. We’re now at the top end of that “white noise” zone between 1370ish and 1390ish but once again the ferociousness of these moves has me a bit shocked.
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