Republic Risk: We're Red Across the Board Again
Lots of short covering... slow burn higher in a low volume world.
Dear Fellow Expat…
We’re red, even as the pre-FOMC meeting takes the S&P 500 higher ahead of the Fed’s rate decision. This market's underbelly is ugly.
6,300 stocks are down on the day… 52% are now under their 50-day moving average.
It doesn’t look like it on paper… but tech stocks are just pulling things up while the rest of the market takes a beating. Thanks, FinViz.
They’ll tell you the market isn’t being manipulated by algorithms…
As I’ve explained (using Stanley Druckenmiller’s argument) that the markets always end up getting a short-cover bid when price falls into the third standard deviation band.
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