By Dave Fry, founder and publisher of
January 15, 2010
SELL THE NEWS
You could say
great report was already baked-in to prices so selling the stock shouldn't surprise. What surprised me about Friday? It was also options expiration which I'm usually keenly aware of but for some reason it didn't register as the third Friday of the month already. As you know, options expiration can create a lot of mischief with motives only those in the options pits know. They'll hunt down strike prices like a Predator Drone disadvantaging many while lining their pockets.
No one was cheered by
(JPM - Get Report)
report. Naturally, if you look inside the numbers you'll find most of the earnings came from trading. Borrow at zero and give it to trading desks and let the machines do the rest.
Once again the pattern of heavy volume of selling and light volume on rallies continues which strikes most negatively. Breadth was as poor as one would expect with the data from WSJ below.
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