Photo: Google Finance
Stocks just dipped in the last few minutes, and it probably has UBS’s Art Cashin nervous.From his note yesterday:
Longtime readers know of the value we place in final hour action. Stock trading is a bit like playing poker. Throughout the session you can bluff and posture revealing only part of your intentions, hoping to confuse your adversaries. Your only liability is the clock. If you have not accomplished your goal by the time the bell rings, you have failed.
Therefore old traders see the final minutes of trading as truth time. The bluffing and posturing is cast aside. Folks do what they need to do to get the trade on the tape. Everything up until then is a stage play. That’s why the action in the final 30 minutes both yesterday and Friday is of concern to old fogeys.
We’ll see how the markets do for the next half hour.
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