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How one superbull would trade the market open
The New York Stock Exchange was not flooded during Hurricane Sandy, contrary to rumors. But the storm’s surge may be nothing compared with the trading wave that could wash over Wall Street on Wednesday morning, when U.S. markets reopen after being closed for two days. Technical analyst Ralph Acampora is hoping for the worst. “Ideally, I’d like to see the market open down big,” he said in a telephone interview late Tuesday. “A bang, down 4% to 5%,” that rockets the CBOE Volatility Index VIX -1.71% up to around 25, “would scare the hell out of everybody.” A “bang,” with prices tumbling not from ... (full story)
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