The late-day decline that eradicated yesterday’s rally was forgotten this morning by the SPOOs, which staged a 0.5% comeback as we approached the New York opening. However, that rebound was wiped out in the span of about five minutes, and then another bounce began.
The Not So Invisible Hand Controlling The Markets
It is virtually impossible on most days to determine why the markets did what they did, but we now see decent-sized moves that come out of nowhere with no news attached far more often than in the past, which is most likely a function of all the quants and algorithmic trading, etc.
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