Well, before Greenie's speech today, I would have thought he'd give himself the wiggle room for a potential surprise cut in the next few days....(of course, by "wiggle room"...I mean that he can make it look that he is relying on some recent "slowing" economic indicators, and is not saving the market).....However, he didn't seem to want to do that- not at all...
Therefore, I think we HAVE to go under Naz 2k/S&P 1200/Dow 10....on some big ugly day(s)...to get Greenspan to react (due to market)...even then, he may not.....I was surprised by his tenure (sp?)today, and given he won't have much more data between now and the 20th.....he is in a real pickle...
He's gonna look either (1) like a real hypocrite (based on his commentary) or (2) way-behind-the curve, incompetent, or (3) risk taking the "S" off his chest if "put" doesn't work....by cutting next week (if he does)....and he put himself in the box, all by himself..
So, it going to take some real technical, over-sold bounce buying, starting in the COMPX 2050-2086 range, to save this thing....but given how poorly many individual stocks have behaved in attempting oversold bounces (only to get viciously sold-off a little later, to lower lows)....I am wondering if buyers WILL step up to the plate at 2050-2086 at all....and how strong will those hands be?
A week ago, I would have thought "pretty strong"...now, I'm not so sure...This might get even more historically ugly real soon.....and, in that case, you would be my new idol, SO..
PS- Oh yeah, like always, I forgot the PPT....I wonder how that'll play out....if Greenie does intervenes, indooooooooooobidubly, it'll be thru PPT....but at what level? |
