{"id":4789,"date":"2010-05-06T16:29:16","date_gmt":"2010-05-06T20:29:16","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=4789"},"modified":"2010-05-06T16:30:52","modified_gmt":"2010-05-06T20:30:52","slug":"you-dont-see-that-every-day-6-minutes-of-insanity","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/you-dont-see-that-every-day-6-minutes-of-insanity","title":{"rendered":"You Don&#8217;t See That Every Day: 6 Minutes of Insanity"},"content":{"rendered":"<p>At around 2:30PM the SPYs were trading down to 113.60 from 117.  It seemed like it was a good place to start looking for a bounce.  I was keying in on the 113.10 level from March 5th as a potential dream price to get long.  I got stopped out below 113 a few minutes later.  <\/p>\n<p>At 2:42 I decided to give the bounce one more try.  I bought some SPYs at 111.80.  By 2:48 I had watched my position drop to 106 and then trade back up to 113.  That was more than enough for me.  I sat out the rest of the day.  A few of our traders were able to take advantage of the wicked price action without taking on too much risk.  Good for them.<\/p>\n<p>I honestly can say that I have never seen a move like that in the 14 years I have been trading.  I remember the time the NASDAQ was down 400 and I was down 100K before we bounced back to positive.  But this time there really wasn&#8217;t a bounce.  We just went straight up for 3 minutes after going straight down for 3 minutes.<\/p>\n<p>I guarantee you there will be calls from vocal politiicians to have hearings about the current structure of US equity markets.  Many will wonder how the market can drop 5% and then rebound 5% in a matter of minutes without significant breaking news.  And I&#8217;m sure many will put the blame smack dab on the heads of the quant hedge funds.  Pehaps they are right.  Doug kass wrote an article a couple of days ago predicting just this type of occurrence because of the quant funds who he believes add no value to the marketplace.<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/05\/7-minutes.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/05\/7-minutes-300x189.png\" alt=\"\" title=\"7 minutes\" width=\"300\" height=\"189\" class=\"alignnone size-medium wp-image-4794\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/05\/7-minutes-300x189.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/05\/7-minutes.png 570w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>At around 2:30PM the SPYs were trading down to 113.60 from 117. It seemed like it was a good place to start looking for a bounce. I was keying in on the 113.10 level from March 5th as a potential dream price to get long. I got stopped out below 113 a few minutes later. At 2:42 I decided to &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/you-dont-see-that-every-day-6-minutes-of-insanity\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,8],"tags":[859,425,543,945,947,946,526,478,811,585],"class_list":["post-4789","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","category-steven_spencer_steves_blogs","tag-859","tag-day","tag-dont","tag-every","tag-insanity","tag-minutes","tag-of","tag-see","tag-that","tag-you","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>You Don&#039;t See That Every Day: 6 Minutes of Insanity | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/you-dont-see-that-every-day-6-minutes-of-insanity\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"You Don&#039;t See That Every Day: 6 Minutes of Insanity | SMB Training\" \/>\n<meta property=\"og:description\" content=\"At around 2:30PM the SPYs were trading down to 113.60 from 117. It seemed like it was a good place to start looking for a bounce. I was keying in on the 113.10 level from March 5th as a potential dream price to get long. I got stopped out below 113 a few minutes later. At 2:42 I decided to ... 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