Whipsaw Day Closes At Opening Prices

Tuesday, February 09, 2010

  • A 229-point range for the day and stocks closed right where they opened. Great for the active trader...NOT! Most traders spun around in a circle expecting follow-through after the morning gap held, then going for the short, then getting squeezed...it was fun! The large morning gap up ultimately held and stocks closed 149 points higher for the day (1.5%).

  • Fun trading today as rumors circulated around 11:30 that Germany was putting together a bailout for Greece and the euro ripped $1.50 and the Dow rallied from the dead lows of the day to put in the highs in less than an hour up 230 points. The party wasn't done though as Germany as Germany publicly announced just after 12:30 that the rumors were unfounded and equities collapsed 100 points.

  • Does the doji in the charts signal the end of this couple-day bounce? This is a day when looking at the closing numbers doesn't do justice to the sporadic action throughout the day that lacked any conviction.

  • Looks like the European Union will put together some kind of package for Greece beginning a policy that may result in many more bailouts. Time will tell.

  • Big snow storm headed to NYC tonight...for real this time.
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