The Legend of Turnaround Tuesday Continues
Traders fade the bloom from the rose.
Did you ever have one of those days? Sorta like the metaphorical equivalent of schlepping into a noisy metropolis on a dreary Monday morning during a thunder storm only to find that the primary portal of your business -- your website -- was mysteriously lost in translation during the migration of your hosting infrastructure and remained off-line for over an hour during one the most critical junctures in global financial market history?
I have, and the only analogy I can offer is that I felt more like Ted Logan (before he was excellent) and less like Neo (after he realized he was chosen).
I slipped out of the office yesterday a bit before the bell -- in and of itself a rarity -- with hopes of finding some mojo or at the very least avoiding an action that I would later regret. (One of the best pieces of advice I've ever received was to sit on emails for 24 hours before sending.)
As I pulled into my apartment and fired up some financial television (yes, I'm a market junkie), I had a sudden thought.
Didn't we posit on Friday that the S&P had "room" to 1200 if it were to fill the opening gap (lower) that followed the US credit downgrade?
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Hadn't we tossed on yesterday's Buzz & Banter that, while the S&P didn't hit real resistance until 1250, the NDX was bumping up against a similar situation at NDX 2200 -- which we flagged in the middle of yesterday's merger-spurred Manic Monday?
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Isn't today Turnaround Tuesday, or the mirror image of the eye-popping scrimmage we witnessed last week?
And wait, did I really witness several financial commentators giggle -- yes, giggle -- as they openly mocked, "US downgrade what?" and reactively celebrated what was rather than what could be?
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