...last hour shenanigans...again

Just when you think the intraday volatility is easing, it comes back with vengeance and slaps the trader/ investor in the face.   You had reason to think the market is showing signs of resilience as it battled back easily from being down 250+ points as traders seemed to be buying the dips.   What followed was disappointing as what we’ve become familiar with late in the day and that is the seemingly never-ending ‘forced selling’ took over.   Yesterday, we reminded that October is going to be the worst month of redemptions, simply by the 22nd of October it’s still ongoing.   On the positive side, the LIBOR rate is showing signs of erosion and earnings are generally well received.   On the negative side, the market likes to turn it’s head everyday and concentrate on something else.  Today's `last hour fall `seemed to coincide to the minute with the news of pension funds being halted from trading in `Argentina'.   If this was the case for the decline,  it’s stupid and we may have a chance to rebound if this is discussed at all.  We doubt it will be and the market will just turn its head and seek out gloom elsewhere.   In reality, we need back filling as noted yesterday, the market just finished one it’s best weeks and needs to do what it needs to do.   Unfortunately, every drop is magnified and many start saying here we go again!.  It’s not realistic,  but confidence has been shaken and as expected is the market continues showing signs it's all shook up on an hourly basis.

If we think AAPL`s call is going to pop the markets,  we are likely to be disappointed in the morning.   The company showed impressive growth in Iphones, but reined in near term expectations given macro uncertainty. The stock price has expected and indicated such.   Nothing really is a surprise, there is nothing damaging or a great surprise,  so besides possible short covering in the stock after- hours,  it gives little reason for the broad market to rally off.