Friday, October 07, 2011
In bear markets that 3 day rally curse tends to work very well and now we have downgrades of Italy and Spain that just hit the tape and markets are selling off. What is distressing to me is that gold is going down and that tells me that there is distress out there in some institution(s). I have a feeling that not many people are going to want to go home long this weekend. Dow down 35 points after being up 100 earlier. Nasdaq down 36 and the mlp index is down almost 3 points. Keep an eye on the tape this afternoon.