Emini Trading Update – Tuesday 15 May 2012 (9:55)
OK, now this is getting fascinating. The psychology of the market, that is.
I know when people are panicked – because traffic to Emini-Watch and emails to me spike. Luckily not “I’m Long RIMM, what should I do?” type emails. But just, “How do Flush patterns work?” or “I’m re-loading your indicators and have lost my password” type stuff. Plus AAPL has not bounced yet, etc. etc.
Then on Friday we have the Facebook (FB) IPO. THE most anticipated IPO in a long, long time. And the MSM are pumping it up as much as they can: “I’m investing all my daughter’s college fund in it” type stuff.
Money managers and the Wall Street Machine need this to go well. If it’s a debacle the general public will say “adios” to investing in stocks. So there’s a huge vested interest in supporting the price. Plus they’re in large to AAPL and they need that to bounce too.
And then there’s the giant European circus. It’s like a perfect storm.
Excited? I’m on the edge of my chair … and still looking for that big 3% down day, so I’ll keep questioning any rally we get.
Link of the day …
It took a few days, but finally the near-definitive explanation (or as much as we can know/guess) of the JPM $2bn losing position – as always, many thanks to Zero Hedge.
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