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Treatment. Today was one of those days. At the open the averages soared 1. 5 tonal selloff viciously for the rest of the session. Dow closing down 27 and s p declining. Nasdaq dipping as well. It was a brutal ugly and irrational move. Dow was down 400 from where it opened. First off accept the fact this is a different type of market than we have become used to. The averages higher in general, all the way up to this level. It has been a healthy advance. During that period individual stocks or segments would guyerate and there were days stocks would switch directions rare ones switched directions midsession. But only if Something Big or bad or fabulous happened overseas or in washington. One thing was certain. We would almost never have both ectasay and agony happening without anything serious happen to make a switch from one mood to another. Today we saw some extreme bipo layerity. We begin the twice weekly sessions along with a coc ....
Undervalue whole groups of stocks in anticipation of good earnings or great news . And thats what ive been pondering all day. A day where the dow roared 228 points. The s p 500 fell to 1. 35 and nasdaq jumped 1. 19 . Now i know that if the dollar had been very strong against the euro and other currencies, plenty of situations bullish today would have gone sour and probably will tomorrow. We only have two up days in a row of the dollar since middle of december. Thats right. The dollar is going up almost impossibly almost every single day and the euro has been strong two days in a row once. So i think this could be a lucky gift. But ive got to tell you. Forget about currency for a second. This failure to analyze positive moves ahead of the action has become endemic. Its astonishing to me given for my almost entire stock trading life, the market has accurately discounted good news beforehand. Not afterwards. And all thats been doing lately is doing it afterwards. Market professionals are ....