Photo: Steve Jurvetson on Flickr
Yesterday’s massive sell-off may not have been caused by rumours of the pending Moody’s downgrade, Art Cashin says in his Cashin’s Comments today.It’s “a good looking thesis but a bit hard to fit with the $50 plunge in gold and the stunning 4 per cent implosion in crude,” he says.
But a thesis out of another group of traders caught his attention.
The rabbit’s foot and stargazing division of traders pointed skyward. They claim the market was merely shifting direction based on Tuesday evening’s new moon. They note that the market has a frequent, rather uncanny habit of making highs, lows and turns at new moons and full moons. The moon chart guys think the next key turn might come around the July 3rd full moon. (Just reporting the facts, folks.)