The E-Mini S&Ps were closing on a “Hidden Pivot” rally target at 2114.25 Monday night that has been exactly a month in coming (see inset). If there are any bears left with an appetite for getting short up here, they must have slept through the last two months; otherwise, the temptation to ‘lay ’em out’ prematurely would have been irresistible. Stocks have been feeding off short-covering since bottoming on August 24. The steep, four-day selloff that produced that low has come to seem more insignificant with each passing week. If you felt that way at the time — i.e., felt that the plunge was nothing to worry about — then you’re probably more eager than ever to load up on stocks right now. Isn’t that right?
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that Monday flash showed extreme dislocations and the danger our current pricing mechanism has with any type of one way exit. Etf’s and computers have killed our markets, there is no auction, no price discovery, just quote-stuffing index @#$%^#