SP500 Reached 1505 And Is Showing Weakness
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January 29, 2013 - 12:16pm
Midday Market Commentary For 01-29-2013
What appeared to be a bull trap instigated by the HFT computers drove the large caps upwards. The SP500 lingered around 1500 to 1505 for a while bullish fake out sucked in a lot of 'dippers' totally convinced a breakout was in progress.
By noon Mr. Market and investors alike were unsure what the next move would be as it looks like the unscrupulous lot of DaBoyz were playing games with the averages artificially melting them up. There is a distinct bearish tinge to markets movements but it remains to be seen what direction the markets will take before the close.
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