The market is smoking crack
- Thread starter Lippy
- Start date
todays action reminds me a lot of the homebuilders back in late 06 when they began their big write downs and actually moved up on the thinking they were coming clean with their losses.
I'd like to agree with you, and I'm admittedly short, but I can tell you I generally have a hard time thinking of large up volume thats coincided with giant moves up during the past 2 years ...
So meaningful? Dunno...
But maybe you're right about the constant buying. Maybe the fed is preparing for a drilling tommorow morning by the senate/Bernanke deal.
Remember, down 30 points S&P from yesterday's lows puts us near 1270 support. Down 30 points from S&P today will put you merely at or even above the startup point.
PPT is more effective offering support $$ in low volume when no one is noticing (as opposed to support tests). Supporting 1270 costs a lot more $$$ than supporting 1330.
Market is never wrong, opinions are.
Regardless, the bearish sentiment was extended for too long and it's sooner or later that a rally in equities and the US dollars will come.
Nothing goes straight up or down anyway.
Maybe everyone should think about selling the temporary rally when it has exhausted itself?
Or just follow your system and ignore the fundamentals.
Regardless, the bearish sentiment was extended for too long and it's sooner or later that a rally in equities and the US dollars will come.
Nothing goes straight up or down anyway.
Maybe everyone should think about selling the temporary rally when it has exhausted itself?
Or just follow your system and ignore the fundamentals.
Today seemed like "get shorty" from the get go. LEH raises $$$ - normally converts viewed as negative, but in this case the raised money staves off possibility of BK that rumor mongers were feeding. The price had to go up as shorts covered since now no BK.
So a MASSIVELY short finny sector got squeezed to the moon, dragging everything else with it.
Do fundamentals support it? Hell no. If these companies were dotcoms they would be at 0.00.
But these are the financial insitutions. These are the guys who own the game. The "house" never loses. Can't fight the house.
So a MASSIVELY short finny sector got squeezed to the moon, dragging everything else with it.
Do fundamentals support it? Hell no. If these companies were dotcoms they would be at 0.00.
But these are the financial insitutions. These are the guys who own the game. The "house" never loses. Can't fight the house.
Thinking the same thing...
SPY looks just like 3/16/2000 or 4/18/2001 - the prices are almost the same on 3/16/2000 to boot.
kinda seems like the fed/big banks keep changing the game in order to sideline the astute big players & lower volume - gives them free reign to manipulate a little. It'll only cost inflation as the money to manipulate is the freshly printed variety. With institutionalized investing for John & Jane Doe (401K/IRA), the market simply has to go up to keep the lemmings happy, nevermind that inflation ate up the gains. If the lemmings get mad, they do crazy stuff, like clamouring for independent candidates and reforms.
smitty