Looking at today's session, the 8:00 downside tail that turned bait at Monday's range low, was all the information I needed to surmise that the lows were in for the day. Pathetic sellers didn't have a chance.
But with semi's and financials leading the sectors down, it was clear that buyers would have a tough time pulling off their usual squeeze higher. JPM, you swine.
Bottom line: A miserable failure for sellers today. I am looking for an upside push come tomorrow of some sort.
Bad JPM. Give the government 13 billion as a get out of jail free card for the criminal CEO, and more minions want to join the party. Next up is the 6 billion settlement with the institutional investors screwed over.
But if I were a JPM billionaire CEO, I'd gladly cough up 20 billion to get a year of home detention versus the 30 year sentence of hard time that I really deserve.
Money talks.
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