It has been a fairly
abnormal week with five consecutive down days on each major index. And finally bonds broke out, when bond yields
(like $TNX) went into a tail spin.
I had mentioned on
Friday afternoon to "expect the unexpected", and that's what we
got. I mentioned in the posted thread
that I was expecting another "flash down" on Friday afternoon. Well,
we got it but the event was delivered with a rather obscure curve
ball. Here is a SPY 1 minute chart of
the afternoon that shows what happened.
A grind up (e.g., the
curve ball) and then a clear and persistent selling event for a solid 15
minutes (e.g., another flash event on larger volume than the move up). Definitely a tricky tape when Market Makers
include antics like this 30 minutes in front of the holiday weekend.
See everyone on
Tuesday. Have a good holiday!
