Fairly decent sized gap up today. The session was a balanced - grinder higher all day long, despite someone tripping a circuit breaker at the Nasdaq and shutting it down for 3 and a half hours! And that spilled over to the NYSE volume being down today. Yet another inside range of the prior day, minus a late day look above minor high and fail.
Not sure if I'd rather be responsible for beaching the Costa Concordia or shutting down the stock market for 3 and a half hours. Really gives you confidence in the financial markets. One day it's going to shut down during a very high ATR scenario and the machines are going to firmly rape the public.
Oh, and due to spiking yields, the government is morphing the
5 year bond into a 7 year bond. Don't worry, you can trust the government. It's all perfectly logical to bend the system like this.
Interesting piece on internet security.
Nowhere to hide.
Now that the programs have shown their buying hand, odds are they will just hit it again to the upside. So many are licking their chops for this market to tank, that it just may screw them all one more time. Or if it plunges back into the range, that too would not surprise.
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