What A Week (by Faces in Cabs)

By -

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.


Flash Event


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!