April dip of 2011 of markets was 9% followed by mostly recovered, followed by 25% + drop into the summer. Maybe the markets are headed for a drawdown. The saying is out in May, stay away. Just think of the transfer of wealth going on through stocks, bonds, commodities, banking, government. Transfer from everyone else to 300,000 world mafia.
That wasn't merely a dump; it was more like a colonoscopy prep. At 3:45, Reuters reported an XOM order imbalance on the sell side of 718,300 shares. In the last 3 minutes of trading, the volume spiked to 5,000,000 shares according to the Schwab volume graph. I've seen no news. After-hours trading was tame, as if people weren't confident enough to trade because they were too busy trying to make sense of the drop. Maybe some baby whale suddenly remembered that the markets are closed on Friday and had to clean up some positions before the end of the first quarter. Maybe there's a little window dressing going on. Exxon rose only half as much as the rest of the Dow in this bountiful quarter. Nothing has changed for the long-term outlook, as far as I can see.