From a previous post about the media’s obsession with declaring a bear market after a 20% drop:
As you can see, barring a miracle reversal (is 2:00 Charlie still a thing?) this week will have been a damaging one as the support level SPX hammered from last week is being lost this week.
Well, he came at 3:12. Close enough for government work.
I actually turned off the market and spent the last hour trying to sing some vocals into a riff I’d written. When my wife came home I decided to stop doing that because she laughs every time she catches me with the headphones on and only my voice – such as it is – filling the room.
So after I wrapped that up and checked the market after 4:00 I was surprised to see the rebound in my accounts (risk managed with cash and Treasury bonds but also in the game from the bullish side). I pulled a 1 minute SPX chart and saw that Charlie showed up at around 3:12. Better late than never to bail out the market after the media no doubt helped flush many a man, woman and machine.
Actually, it was probably some algos programmed to cover shorts amid the threatened breakdown and media uproar (and terrified investor sentiment). Whatever it is, like my singing voice, it’s funny.
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The Chicago Boys at work.