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The Morning Line

A Glossary of Pain

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[Apologies, but my WordPress publishing app is so screwed up that updates for Friday may be somewhat limited. RA] Wednesday’s quiet opening was a fooler that gave no hint of the ferocious selling that followed. The Dow and the S&Ps opened moderately higher, extending a two-day rally that traders obviously assumed would continue. Instead, the broad averages rolled over in the first hour on light selling that picked up tempo as the day wore on. This is dangerous price action, considering that the stock market is headed toward a Friday late in September. It suggests that the next leg down, starting by week’s end or possibly Sunday night, will come only after bears have suffered at least a day of ratcheting pain. For their part, bulls are unlikely to turn ebullient, just complacent. Watch for the news to cooperate, offering a sordid mixture of headlines from the global police-blotter.

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