After millions of unemployed Chinese opened daytrading accounts and started gunning stocks for a living, they were all taken to the cleaners and given haircuts.
Such is the life in a casino. Win big for a few days, then lose everything. Never underestimate the gambling fever among the Reds.
Meanwhile, while everything was getting smoked here in the U.S., investors seemed to seek refuge in the worst of the worst CRE-infected, diseased, impaired banks such as Citibank, Regions, and BB&T.
Even CIT was getting bought up today.
As predicted, bonds were well bid today, and yields fell back just in time for the next big flotation of new confetti by Uncle Sam.
Other than that, a pretty boring day, where stocks were basically pinned in a flatline. Must be where “Maxpain” is. Goldman is assured to make sure nobody, I mean nobody, cashes in a profit prior to options expiration.
Overall, I was expecting much worse, damage seemed to be limited. Must be a huge amount of puts as well as calls which Goldman has to throw into the bonfire the next few days.
One more thing, IBD replaced No. 99 and No. 100 in its top 100 list over the weekend. The new picks are DDRX and DTG. Classic “rear view” analysis by Wm. O’Neil. Funny he should add those two to the list after they are up 2600% off the lows. LOL….
Unable to post any pictures or charts today, for some reason, that function has been disabled for now.