Congrats on the new thread, so I am stopping by to add my 2 cents...
The problem with this market is that it is derivatives driven, not equity driven, until the derivatives market get knotted up to a level that not even the large market operators cannot handle the complexity.
Its LTCM and Barings Bank all over again, except this time its much more complex. Each of the large market operators will experience problems and each will bail out the other, until an occurrence happens.
The problem with controlling a market, it comes to a pivotal point in time when knots cannot be unwound, and this should happen by the end of 2003 or earlier. The ball of knots will be so intertwined, not even the best ally-cat can teeth it out.
A 53 trillion US dollar knotted derivative market and growing, combined with ... brillig.com
and an unstabilized US dollars = Big Trouble for the US equity markets. Gold may be the substance, if Long positions are of ones fancy to cast possible profits on the Long side.
The evidence within the Gold sector is mounting, and should provide more cues within the week(s) to come.
My 2 cents,
P.S. the PPT does exist, until more than 2 get the flu
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