Steve's Place

[DeepBlue1]

Very very weird action in the market the last two days...something's up.

It should by all rights have traded down hard today and yesterday. The fact that it's up both days is just crazy, whether by looking at the technicals, the futures, or the news.

It feels artificial and manipulated to me.

I have a gut feeling that the hedgies have decided to take a break from liquidating for the moment, knowing that they'd be selling into a huge wave of weakness. This would explain the light volume in this "rally".

It really has that feeling I get during a big blowout top move just before the big crash begins.

Friday is by all measures "supposed" to be a HUGELY NEGATIVE DAY on the news due out that day.

Rather than chasing this little move up, I think I'll wait for tomorrow afternoon to see if the Friday sell-off begins then, or it may not come till Friday when the news actually hits. Then I'll be looking to go short again.

But this "rally" is giving me the willys.