For the record, the bears are still down 38% for the year. Nevertheless, Halloween is theirs. The often predicted, and sparsely followed, HALLOWEEN SURPRISE worked wonders for the bears today. All of yesterday’s gains: gone. All of the recent momentum: gone. People were clown raped today and it had nothing to do with Halloween, oddly enough.
My losses were exaggerated into the bell, due to rumors that the Devil himself was buying puts on the OEX.
Over the weekend, expect to hear a lot of worthless jargon, starting with the empty suits on Fast Money, save Guy “Eggplant” Adami and that skinny dude who likes foreign chicks.
Finally, the Overall Hybrid on The PPT closed in the low 2.20’s, effectively double dipping Wednesday’s lows. Taking a shot in the dark here, we trade down on Monday, then reverse based upon deeply oversold market conditions. However, it’s worth noting, the party is over.
It’s time to punch “Complacent Connie” in the face and think more defensively and/or entertain the notion that the current down leg may continue.
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