We set a technical short at the top of the range around 1100, and caught this downdraft. But it does not help that we're making money but don't know why. We were mostly just killing time and playing Fallout 3.
Rumours abounding.
Dick Bloviate downgraded WFC, but the unspoken reasons why are the most interesting? Something wicked after the bell? Executive pay? Earnings?
Hedge funds front running their pending indictments?
Nervy longs watching for a serious move to the exits? Typical wash and rinse at day's end in a late stage Ponzi market? The trading desks casting for shorts?
We would not call this one unless we break support at 1060 and spike it hard.
Just another day for the naturally efficient markets in the reign of The Great Reformer.
Stay thirsty my friends.
Saint Michael the Archangel, defend us in battle; be our protection against the wickedness and snares of the devil. May God rebuke him, we humbly pray: and you, Prince of the heavenly host, by the power of God, thrust into Hell Satan and all of the other evil spirits who prowl about the world seeking the ruin of souls.