The only thing that mitigates that reading for me is that so many people see this as a top.
And so many people have been waiting for some kind of a pull back that it just isn't happening, or it is muted by the stronger upswings(intraday as well).
Yesterday and today I think we saw a whole lot of short covering as well as some people buying for long positions- the ones that get twitchy and think the bus is leaving with out them.
Plus yesterday there might have been buyers on the rate cut. However expected it was, that is still ringing in people's heads. So I wouldn't be surprised to see any type of a pull back bought up before it went down too far.
Of course, when this euphoria wears off, there better be real signs that the economy is bottoming or has, and beginning to show growth again; something tangible, not talking heads, not charts, not promises, but something solid that you can take to the bank. Otherwise the next leg down will, IMO be unforgiving and painful.
I'm still in the bear camp, but as I've felt during this whole thing, there are going to be real strong mini bull rallies inside of this bear. JMSO of course. |
