It’s become a joke lately – – the market will sell off during the evening, sometimes gaining real momentum, and then – – voila! — it’s all gone. It’s happening again as I am typing this at 5:25 in the morning. I had woken up at 2:33 and glanced at my iPad and noticed the ES was down over 17 points. Nice! But I’ve grown cynical enough to accept it wouldn’t last. And, yep, as I stand here, it’s down less than 10. I guess the algos still have some work to do before it’s totally gone. Again.
I read a comment one guy posted that said the easiest trade in the world these days was to buy any opening-bell dip and sell at the end of the day. It’s almost like an ATM machine. Something tells me he’s on to something.