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.
"The more power a government has the more it can act arbitrarily according to the whims and desires of the elite, and the more it will make war on others and murder its foreign and domestic subjects. Power will achieve its murderous potential. It simply waits for an excuse, an event of some sort, an assassination, a massacre in a neighboring country, an attempted coup, a famine, or a natural disaster, to justify the beginning of murder en masse."
R. J. Rummel, Mass Murder and Genocide, 1994