Here's a guy that tells it like it is :
NEW YORK, Aug 23 (Reuters)
"...But despite the highs, some analysts pointed to the underlying weakness of the markets.
"In the past nine days, the Dow has gone from 10,500 to 11,100. And in this period, the advance/decline line was negative on five days and only on four, was it plus. The net positive is 283 advancers," said Ralph Bloch, the chief technical analyst at Raymond James and Associates in St. Petersburg, Fla.
"So the market has traveled 600 points with only 283 net advancers," Bloch said, referring to data through Friday. "That is so bad, I don't have an adjective to describe it. It is an absolute horror show."
On Tuesday, the Federal Reserve's policy-setting group, the Federal Open Market Committee, is expected to raise the key fed funds rate, the rate that banks charge each other for overnight loans, by 25 basis points or a quarter percentage point.
"The tight labor market, the rising trade gap, the weaker dollar and persistent spending strength all suggest that the Fed will tighten by 25 basis points at tomorrow's FOMC meeting," Nesbitt Burns economists told its investors in a report called "A Yen for Mr. Greenspan's Thoughts."
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