Think about it. In the span of a day, we started by thinking there was definite progress, then went to thinking there was no progress. Then, by the end of the day we came to this realization: Not only was there no progress, but things have grown worse -- maybe much worse -- with a proposal from the Democrats that basically says, "Taxes are going up and benefits aren't being cut." I mean, Thursday was a day when everyone actually seemed to throw in the towel. President Obama's game plan was very old-fashioned tax-and-spend, and the market lapped it up.
So we come in here Friday, dazed, confused and betting that the market is set up for a fall.
Yet it's very rare that we see a tape that allows you can get off a short like you can here. Perhaps the buyers are propping stocks up; it is the end of the month. Or perhaps they mistakenly believe, now, that the sides have grown farther apart -- that a deal is in the works for the weekend.
I'll say it. It makes no sense to me.Period.