By Lawrence G. McMillan
Monday and Tuesday had all the earmarks of panic selling, but it has shaken the confidence that had been gathered throughout the strong October rally.
Once again, it seems that the majority of the major players are still acting in a like manner daily, so that these wilder-than-usual swings take place. The Standard & Poor’s 500 Index SPX +0.82% sliced all the way down through the supposed support at 1220-1230, and traded as low as 1215. A very late Tuesday rally (after 4pm but before 4:15pm when the “day session” futures close) and today’s rally brought SPX up about 20 points from the lows...
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