Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
A gap up this morning on no particular news other than the yen is down and the Nikkei rallied off big losses to finish near flat. Everyone has become a yen trader apparently. The violent daily gap up and gap downs continue – yesterday was a particularly wild day as both a gap up (from last Friday’s employment report) and the day’s gap down were filled – rare to see something like that in one session (2 gaps filled).
Next week we have Bernanke and the crew telling us what our fate is and not sure if there is going to be much real progress before then.
We remain in this descending channel…
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