So, the administration figured out how to manipulate the markets for more than to just “save the economy”. They figured out how to manipulate the markets for political gain. Bravo! Healthcare and financial reform have been cornered and “thy bidding will be done”. Now let’s see them go after campaign finance reform and lobbyists. Good luck with that.
The markets paused on the potential opening of Pandora’s Box. But after a few selective leaks about SEC voting and a White House denial of meddling, markets have reversed back to the primary trend of grinding higher on light volume. Amazingly again, the downside volume was huge and then it just dried up, again. Even with the sound and fury, the uptrend remains intact. How de do dat?
Obvously the “trend is your friend” will die hard. When it does, it will be a downside bonanza. But we’re not ready yet. Over the intermediate-term, here’s how you’ll know: When analysts can no longer upgrade earnings estimates or price targets. When that slows to a trickle, then its over. This latest move up has been accompanied by massive analyst upgrades. That fuels the “buy the anticipation” trade.
Never mind about China or Europe or the massive engineering job underway at Treasury and the FED. It won’t matter until it does. The game of the Wall Street complex MUST continue regardless of a few minor details like a fraudulent Shadow Banking System and few bad investment products.
PS. Whenever S&P Equity does something, do exactly the opposite.
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I don’t like the way the leaders are getting picked off here – GMCR, AAPL, GS
Some many ugly charts – best case scenario is we consolidate here for a while rather than move down
Only a move above Thursday’s highs would change my mind
Yeah–but there are 1750 net advancers on NYSE and 1000 on NAZ…
I see that and my 60-65% stock position does too
Lets see if they can drive this over 1215
Hi Scott….Can I throw in Economic Surveys into the mix……Stupid Zew Data last night was one just massive upgrade of Europe…even with volcanos and slowing china…..just like Analyst upgrades always seem late to the party, but people play them on the anticipation….
Today was more than impressive, right back to the same low volume rally with zero weakness like nothing happened.
Well done, Scott