By Art Cashin Director of Floor Operations at UBS
February 13 (King World News) - “On this day in 1542, King Henry VIII of England discovered that the grandson of Lady Godiva had failed to deliver a box of chocolate confections he had ordered. Faced with this dilemma, Henry decided to opt for executive privilege and had his then wife, Catherine Howard convicted of misconduct and beheaded on the day before Valentines Day. To avoid domestic discord, order early or be sure to have authority unlimited.
The bulls were hoping for an early Valentine treat Wednesday but when they opened the box, it was empty.
The Generals Refused To Follow The Techs, Stalling The Rally – Stocks tried to extend the rally for one more day but the Dow and S&P couldn’t pull it off.
The bulls looked okay at the opening but by 10:00 the magic wore off and the Dow went into a fade that lasted until noon. ...