I find it fascinating that those rogue trades over at PVM occurred during the night session on a massive scale where they would have the greatest price impact and at a point where they might destroy the topping head and shoulders pattern. We all know that oil has been the tail wagging the equity dog lately. PVM obviously had nothing to do with it based on how quickly they reported and unwound the positions so the question in my mind is who was this trader working for and why? Regardless the effort failed and oil appears to have broken the neckline and so too will equities.
Saturday, July 4, 2009
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