Why? Irrationally high prices from two days ago. Monday, we received every indication that the economy is in horrible shape - shrinking numbers everywhere. Later in the week, more layoffs saw some market gains. But these gains came as an "advance" on companies' value as their profits were sure to rise as less cash would be leaving the balance sheets in salary and benefits payments.
Wednesday was just plain nuts. No doubt about it: Wall Street became synonymous with Las Vegas.
Like any casino - the players will cash in. I expect some extreme frivolity come late afternoon.
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