It had appeared that we would see the usual routine, a low opening and a steady grind higher all day as the wiseguys bought the dip, and 'tried to take it up' as they like to see.
However, headline risk reared its ugly head to hammer stocks to their lows in the final hour of trading as Fitch Ratings warned of Eurozone exposure in US banks.
This market is thin. That means that there are few committed buyers and the action is frothy, subject to a sudden collapse.
Be careful. Better to stay out if you are not an experienced trader and know how to hedge risk. Most do not even know what the risks are.
I believe that this week is a stock option expiration so the shenanigans may have started early.
The symmetrical triangle on the SP 500 chart is rather troubling. Let's see how that breaks.
