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.
“A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. For the traitor appears not a traitor; he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murderer is less to fear. The traitor is the plague.” Marcus Tullius Cicero