Thursday, September 17, 2015

A Wild Ride...09.17.15

As expected, today's range expanded considerably accompanied by accelerating volume and the HFTs on steroids into the close.  Despite the FED's decision to hold steady and what looked like a strong rally to R3 the markets ultimately collapsed in the last hour on increasing volume as the buy the rumor sell the news crowd mentioned yesterday bailed out and ultimately closed the markets in the red...a scenario that was basically unthinkable 60 minutes before the close..
Tomorrow also promises to be volatile as options expire and market makers play games to manipulate prices to target strike pins. The skew is now bearish for Friday.