It is interesting to contemplate the tangled bank of the market, clothed with many companies reporting negative earnings, Intel lowering its forecasted margins, and Walmart reporting declining sales, with the television and news services singing of the worst recession and the greatest decline ever, and various companies flitting about reporting layoffs and lowered demand, and banks and companies of all kinds begging for assistance from above, and to reflect that this elaborate web, these multifarious interactions, each so different but dependent on one another in so complex a manner have all been produced by the inevitable laws of competition among the players, with the strong surviving at the expense of the weak, and the market, like light, taking the path of least resistance.

My colleague Doc Costaldo reports in a letter from Connecticut that the sum of the 5 minute absolute value changes from close to close yesterday was 328 points, and the sum of the 5 minute ranges in S&P futures from high to low was 546 points, fully 40% and 60% of the actual level of the index itself. The dispersal of the move in the micro periods, and the inexorable path that it took from below the round number of 900, and below the 8 year lows at 1pm to above at the close, always allowing those forms still crawling about to capture sustenance and survive for the next days action, perhaps without time to reproduce must leave us with a feeling of beauty and wonderment comparable to what Darwin himself saw on the Downe Bank.


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