Thriving on Chaos

I get knocked down
But I get up again
You're never going to
Keep me down
--Chumbawamba

The intraday market action today was truly one for the ages.

After opening up about 700 in the hole (and below the 8000 level), the Dow sprinted to about even in the first 30 minutes. Over the course of the next few hours, the market sold off to an afternoon low of about -600.

At about 3:15 pm, a 900 handle rally took the averages to +300 on the day. Within minutes, that melted away and the Dow was once again down 200 pts. A couple more excursions into positive territory followed, before the Dow closed down about 40 at 4 pm. After the bell, additional futures action pushed the final tally to -100 or so.

Truly breathtaking movement. And representative of the current chaotic environment.

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