clueless or not, i am still waiting for evidence that 97% of the "market" (and market includes supposedly equities and futures) is short term speculators. evidence not provided. because there is none.
Here's one of Goldman Sach's top traders in a CNBC interview, right after Friday's late bounce: http://www.hinduonnet.com/fline/fl2008/images/20030425007100510.jpg "I CAN ASSURE YOU, THERE IS NO MANIPULATION!
Don't get to carried away with that assumption. If this current weakness of the dollar was viewed as temporary, this equities and bond market would have screamed this week in deal shopping. The USD is already 5% cheaper vs the euro in just about 2 weeks. I think potential foreign buyers see a lot more downside. instead, we've had selloffs.
Um... while I definitely think there will be some selling, I don't see 'sell offs'. I was thinking that today might close red, and it still might, but the COMP is up $35 atm, and SPY $9.79 right now. Looks like deal shopping to me unless you meant something else by deal shopping. On my screen, the only thing that's down right now that I track is oil... everything else is on a screaming tear.
this mornings nyse outage no doubt in my mind, but traders are really hogtied in their ability to validate these things without betraying the stifled edges in question
From an Elliott Wave standpoint, the market simply completed a nice big A-B-C correction in the past week or so, with the lows of late-last week coming right back into support. Late Friday's rally and today's action is the beginning of the 5th and final leg up. New highs ahead for the SPX.