It looked like were all set for a nice follow through after yesterday’s rally. Wrong. With 12 minutes to go, the Dow went from an intraday high of 9350 to about 8975, or whatever it ultimately ends up. In a way, it feels like a return to the good old days.
Our only explanation, of course, is that the pressure from sellers overwhelmed the demand from buyers. If you’ve got something smarter to add, let us know in the comments.