Yesterday (Aug. 10) was incredible.
Aug. 9
... bears display clear control after FOMC, albeit a low volume retracement after the bears made their point.
Aug. 10
... I await the "real" bear party.
... Futures up, gap-n-go.
... Tick visits 1100 numerous times, never goes below zero.
... VIX pegged low all morning
... 1MM upvol NYSE before noon vs. 200K dnvol.
... noon everyone goes to lunch expecting a breakout to alltime highs at 1:00 and 2:00.
... 12:20pm massive, violent sell volume slicing 100 ticks from SPY
... 1:00 bulls don't even show up
... 2:00 no bulls
Questions:
1. Who unleashed that sell program at 12:20?
2. Why did the bulls not fight?
I will not rest until I find the answers to these questions.
I will not let myself participate in a business where I don't know the identity of the key players and what they are doing.
It's like watching a football game where all you get to see is the scoreboard and a realtime (and historical) graphic of where the ball currently is and has been. Nobody would watch football if they could not watch the players.
Crude oil doesn't matter, then it does matter.
Is it really bulls vs. bears, or are the bulls really bears?
None of the advisories I pay had anything whatsoever to say about that violent reversal yesterday, except the high level reference to $65 oil, or perhaps they hope I did not get hurt too badly, or perhaps that, although they forgot to mention it earlier, they were fortunately hedged net short so they made a handsome profit.
I feel like such a chump.
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