Dave,
I dont see fear in the market, and that is in the face of all we have talked about..no earnings visibility, no future for extended rate cuts, foreign currency issues, energy price issues etc.. I just cant see the market dropping to new lows, or even dropping for more than 1/2 a day anymore.. either MM's want it, fundies want it, or the little guy wants it, but someone wants things to go higher in this trading range market.. Thats all it is..trading range.. It would be much more healthy for things to settle in, let the E's catch up.. but it isnt happening, so what that means to me is any rally this summer is muted to the X degree that the market does not retest a bottom, or at least wait for earnings to improve..
Long term holders will not profit this year, traders profit..and have since the beginning of the year..
I am not a bear either, but I feel strongly this obvious hand holding of the markets is horrible for the longer term prospects..which is obvious in the dow, we have been in a trading range for 2 yrs now..lmao |
