It’s the time of the day for the shorts to press their case. Remember, sell the rally is the only consistent trading methodology that has worked in the past six months. It’s natural we should see some pressure today.
Most traders would be happy to see the Dow down 100 points and would consider that a good test. The quadruple witching expiration makes predicting a close a near impossible task. Volume is heavy, approaching 1 b shares. Financials have led the rally in the past day and a half.
Financials roar back (since Monday close):
Citi up 15.8 percent
AIG up 12.1 percent
BofA up 11.7 percent
JP Morgan up 10.5 percent
Other Dow movers since Monday’s close:
GM up 8.7 percent
Home Depot up 6.7
GE up 6.3 percent
AmEx up 4.4 percent
Coke up 4.4 percent
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