I have not blogged since last week because this market has been whipping my backside. Drop at the open, claw back the rest of the day. Drop in the middle of the day, claw back all afternoon. And yesterday, fall steadily all day until the final half hour when, you guessed it, the market clawed its way back.
Suddenly, I get the image from Get Smart of the evil KAOS villian, the Claw. But I digress.
All was hunky dory for the bulls. Follow the trend. Forget that sentiment was frothy. Or that most indices were at major resistance. Or showing waning momentum. Dow 15,000 was the latest magazine cover. Buy all dips! You have to be in this market!
Then the Fed pulls the legs out from under them. Sorry, gang, the economy is too good. No QE3. We won't tell them that Operation Twist was already QE3 and they were talking about QE4.
My bearish views are far from vindicated at this time so you won't get any "I told you so's." One day down is nothing.
Check out some of these Dow component charts:
And there are a few more just like them. What rally?
Finally, there is still an hour to go Wednesday as I post this but is that a key reversal on super volume forming in Apple? Apple has been just like the Fed. It goes up and provides wealth to most major indices, funds and plenty of individuals.
Mama don't take my Kodachrome away!