The market players have said "we’re doomed", "we’re saved", no, wait it’s "doomed". Chasing stocks, jumping into crowded trades and panic in the streets-oh, my. Do you want to know what all of this looks like on a chart? Pull up just about any stock chart and look at the last 5 trading days, 60 minute intervals. That’s what crazy looks like.
Traders have worked themselves into a frenzy over the Ambac deal, but there just isn’t any real enthusiasm now that the deal has finally been announced. It’s just not the deal they wanted, because they wanted a miracle. They wanted Underdog or maybe Mighty Mouse, to come and save the day, telling us to have no fear. The indices closed up a bit, but it’s as if the market is suffering from the "blahs", and needs to rest. We have initial jobless claims and continuing claims in the morning before the open. See you later for the wrap up!
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