It could be a market maker is controlling the open so as to allow for shorty to exit before the run up back to book value after all this has only dropped from $32 on the interest rate hype
What is interesting is that they are not steady up or down trends through out the day. Both are market open gaps with flat prices after that. Which says that the buy and sell demand is almost constant from both sides after open. It almost seems like a large seller or sellers are carefully trying to match the buy demand and unload as much as they can without driving the price down.
But I doubt the large funds were able to sell all they wanted to sell to retail yesterday. They will have to wait until the next selling opportunity arises. I'm sure they will be keeping a very close watch on demand and the events that cause it to change.
I am thinking interest rates rising is a flash in the pan and they will drop back down. The economy does not yet warrant rising rates. Heh, look at the earnings this quarter so far, not much to get exited about. Valuations in the SnP getting above historic, PE's that do not support growth rates. The REITs will be back in the game after the next wave down. but only after, not during.
anticipation of darned if you do
darned if you don't
Just my guess.
Wow. have not been here for a while. This board has been transformed by ugly egos. It must require daily updates to the ignore list.
right on, slegermark. i, too, have been away for awhile and the board seems to have
drawn a "muddle of peripatetic pecksniffers" who neither understand the vagaries of the market nor do they seem to have been long out of diapers. apparently what the board
is lacking is the past sapient and sapid sang-froid pearls of wisdom from the Doc. Oh,
wherefore art thou Doc? as for these imposters of late, i say "Out damn spot, be gone."
Go play in your respective sand boxes and let adults get on with the slings and arrows
of market fortune and misfortune.