Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
No matter how long you do this, the change in behavior on a dime is always a sight to see. It used to be that markets rallied in stair step fashion (escalator) and fell quickly (elevator). Now often the elevator is the only way to go. S&P 1395 (resistance) was gapped up over, S&P 1404 (resistance) lasted all of 90 minutes, and 1409 arrived with a flourish of buying in the closing 20 minutes. The entire two month correction has been halved in half a session Friday, full sessions Mon, Tue, Wed, and half a session today. Fear the Turkey.
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Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund’s holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog
