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You want proof the market in crazy

Yesterday, at 3 pm the S&P was down 2%, the news while not terrible was not good.  ECRI remains in the doldrums (predicting a recession for Q4 or Q1/12) and very little data was out.  Suddenly, market goes crazy; the result 60 minutes later -- as the market closes for the day, the S&) is up 2.25% -- a 4% shift in less than one hour.

First, there is very little volume right now, there is no conviction, so while the market is soft its not moving really very quickly -- although the market is off 8% from its September high and 17% off its 2011 high (so really not that hot).  Over the past few days the market psychology has been one of Bear Market -- so the technicals took the market for a ride, and exploded the shorts -- bottom line the pros to the market to the woodshed  and started the quarter with a nice little profitable day!


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