A Race To The Exits
Oct 07, 2008

"For a while it was denial, then it turned to anxiety, and now it's closer to fear. I wouldn't call it panic, but there is some evidence of the beginning of a race to the exits." - Hugh Johnson

The bears sure do love taking this market apart on Mondays. The hope for positive catalysts over the weekend and subsequent disappointment makes for an all too easy trade in this fear-filled environment. And, yes, for what it is worth, I think the afternoon reversal was generated by short-covering (i.e. profit-taking by the bears) than any real buying interest. As you might imagine, the sentiment and technical indicators are literally off the charts suggesting we're going to see.....[READ]