Old timers know days like today as sleepy affairs, days where you took the 12:07 Cannonball to the Hamptons and vied with others for G&Ts in the club car. You didn't even bother to check in because you couldn't. There were no cellphones. There were lines at the payphones for the more insecure when you got to the stop, though.
It didn't matter. This day was a nothing or up day. It was almost inviolate.
These days now, though, where individual stock volume is arguably the lowest ever as the index funds and proprietary, algo-driven traders rule, are treacherous. Anyone with $50 million to be put to work, I think, using leverage, could crush this market.
It's almost as if there is a plaything, called stocks, and the bears can really wreak havoc, given the fact that there are no "natural bulls" underneath on a half-day.
So, my take? Go read what Carolyn Boroden talked about in her excellent Off the Charts depiction of today and Friday.
And don't be in too much of a hurry to buy.
It might just come to you.
Random musings: Congratulations to all who attended our corporate governance conference where you heard Rick Hill, CEO of Symantec (SYMC) , make a passionate plea for people to buy his stock! (Stock of the Day)