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Strategies & Market Trends : Classic TA Workplace

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To: AllansAlias who wrote (43763)	6/28/2002 11:47:19 AM
From: UnBelievable	Read Replies (1) of 209892

Unless We Get Some External Shock I think there is very little selling pressure here. No fear when we had the WCOM break. The Fed continues to increase liquidity even though the dollar has clearly broken below long term support. So if no one is selling, and the Fed is willing to provide the boyz with clownbucks, why will it go down. Does the fact that SPX and INDU both did Houdini reversals (no visible support <gg>) bother me, sure. Do I think it should go down, sure. At this point I think the market is firmly in the control of the FOMC and the Banksters. For a while I thought they were going to allow a market clearing flush which would end the slow bleed and establish a generally accepted base which would increase the flow of new money into the market and increase the volume. But the fact that they did not use the WCOM event as a trigger for such a washout makes me feel they are not going to do that. Rather it seems that they are going to continue the process of levitating the market with RP's over the summer. Clearly it going to take something big to cause the remaining market longs to sell (Obviously much bigger than WCOM) and unless something like that happens it seems we can easily drift up for most of the summer. It is very bad news for the economy. The longer they put off establishing a base for real growth, and increasing the pain of the correction when it does occur the uglier it is going to be. We knew this was going to end badly. I have begun to realize it is going to end even worse than even I expected. But for now eat, drink, and be merry. (Of course there will be periodic drops to ensure that the shorts continue to play their critical role in keeping the market up.)

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