Hope Squashed

  • Once again the market is squashing the hope from yesterday's rally and teaching all a lesson. When the real rally does arrive, everyone will have learned their lesson and there will be few believers.
  • The day started with way too much call buying given the lower open but the call buyers have now backed off.
  • The only positive is that GE is managing to hold on to slim gains.
  • There are rumors making the rounds of hedge fund liquidations. I don't doubt it.

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