It seems rather unfortunate that the hack of an AP twitter account can cause more of a disturbance in the market than an actual terrorist bombing in Boston. A 15+ point dive based upon hacked falsehoods:
It seems unlikely that today’s rally was a recovery and continuation of the rally that we have experienced since the middle of November. In fact, it seems likely that today’s rally was more of a short-covering fueled bounce than a continuation of something “good”:
What is actually kind of entertaining in this market is the complete apathy in options and implied volatility. 10 Day realized volatility has ramped up to 20%+, but the VIX dropped to 13.48%. I might be Naive, but I have found that the best indication of future volatility is recent volatility…
I am not biting. Euro was down today, gold is slanting negative once more, DBA (agriculture commodity ETF) was down about 1% today. Doesn’t seem like a happy picture going into a temperamental season.