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thoughts on markets & cetera – christopher carolan

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When Pigs Fly

April 27th, 2009 at 11:25am · No Comments

Stocks seem to think the overnight selling on flu fears presented a buying opportunity. The 135 minute chart shows how the 852 net-line sell level acted as clear support. And yet, my volume oscillator seems to think there isn’t really any true buying pushing up prices here.

There seems to be an effort to minimize potential panic about the flying pig disease (swine flew!). Perhaps the feeling is that such a panic would have a major slowdown effect on the economy. I suspect we’re not hearing the full story on the severity of the flu in Mexico. Reader comments published by the BBC yesterday suggested that is the case. The eMini above 850 seems to be whistling past the graveyard.

click chart to enlarge

click chart to enlarge

Tags: General Market Commentary · S&P 500

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