The market was quite wild today. I do follow the Market quite close because I am a Trader. If you consider a 15-point move in the S&P 500 which is about a hundred or so dow points to be roughly 3 15 Point moves strung ba ck to back the market made 13 or 14 qty 15 Point moves in the S&P today which is completely and totally insane. Nominally, for Trader a 15-point move in the S&P is a pretty good day and there were 13 of them today. That the market happened to sell off at one point means very little because most of that in fact all of that was erased within 45 minutes. So the effect was rather transitory, and in fact the market treated it like a blue light special and bought it up right away. It is not a permanent state by any means and should not be thought of in those terms. I *do* think that the market has seen its high for the year and perhaps its high for 2 years. But that’s just my opinion.
Sorry, I meant to say that if you consider a 50-point move in the S&P s to be three quantity 15 Point moves strung back to back, then there were 13 or 14 of those 15-point SP moves.