There is an old saying: be careful what you wish for, because you might get it. Many traders have been wishing for greater volatility -- and now that they are experiencing it, they aren't so sure it's such a great thing.
We saw a crazy close with a big buy program causing a late squeeze to cut our losses, but it was still a pretty ugly day. Silver and gold were the winners; some select technology names such as JDSU, IPGP, APKT and RVBD were doing well also, but all other major sectors were down. Volume was light and breadth not quite 2-to-1 negative, so it wasn't exactly a major rush for the exits.
The whole week was a roller coaster ride with a strong move on Monday, a very ugly reversal on Tuesday, a strong recovery Wednesday and Thursday and then another ugly reversal Friday. It is good action for active traders, but you had to be really active to stay ahead of the game.
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