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Friday, December 28, 2012 3:48 PM

Mercy! Isn’t a Late Day Selloff Illegal?

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I hope you are as outraged as I am by this late-day stock market action.

S&P 500 Futures 10-Minute Chart

Since when is a late day selloff legal? And for an entire hour with six consecutive red candles!

And in the month of December too! What happened to my Santa Rally? I demand a Congressional inquiry.

Goodness! I was sure such action was illegal. Clearly, it should be illegal, and I thought it was already.

It's no wonder Fiscal Cliff legislation failed. Republicans and Democrats alike forgot to pass circuit-breaker provisions to halt (or better yet prevent) market declines late in the day, as well as this late in the year.

Please call your Senators and Representatives today, demanding their immediate attention on this matter.

After all, everyone knows that jobs and fiscal prudence are irrelevant. It's the stock market that's vital to the economy.

Mike "Mish" Shedlock

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