Amateur Hour Is Ending: The Last Fool Has Been Found

Professional traders call the first hour of trading 'amateur hour'. It's when Etraders ramp the market based upon the prior night's hopium. In a bull market the low of the day is usually in the morning, whereas in a bear market the high of the day is usually in the morning...

Current daily money (out) flow indicates a lot of morning exuberance, followed by afternoon weakness:

Likewise, in a bear market, the high of the week is usually near the beginning of the week:

Ameritrade's acquisition of Scottrade appears to have marked a top for retail brokers:

And for Wall Street:

Hedge funds are imploding at a spectacular rate due to the relentless short-covering bid:

Bill Ackman's hedge fund...

Carl Icahn:

The greatest fool has been found...