<we absolutely did NOT rally on deteriorating fundamentals> and that my friend is a very significant observation. And this is one the underlying reasons the re-trace could well stretch out it's time frame.
On the release of ISM there was a 5point jump in less than 2 minutes, and it then fell 9point in 4minutes and then rose 10points in 6 minutes and now they have it 5points above what is was just before the BAD NEWS!. This is vested interest money operating on one premise, if the ticker does NOT sell-off on this constant run of bad economic data then all those many millions that judge the economics by what the ticker does will think all is O.K.
Your pointing out this Never happened during the last bear period demonstrates boldly we have moved from a naturally functioning market to a manipulated market.
What is worse, in the long run this is going to make matters worse; in Dr.Marc Faber's view he feels this is a form of procrastination that will turn a bad situation into a possibly castastrophic situation.(except he does not ue the word possibly).
My outrages are not merely because the market isn't going down as it be but that this in fact is making the longterm darker and darker(and thus making life more difficult for me and every one else), and that is very bad and that outrages me.
This is the single biggest difference philosophically between Zeev and i.
If Zeev is right, the relentless market propping will be for the longterm good, i say it carries a high risk for extreme problems, ones beyond control perhap.
But to be honest the past two weeks has been the single worst case of blatant manipulation i have witnessed in the past years, it , i believe, is a premeditated effort to cover over all the bad economic news.
And the Pension Funds are ONE of the dupes that enable this. PF managers see we are NOT going down on these numbers so he buys and buys, suckers to the prop.Max
P.S. i see NDX now up 20points from the bad number and yes i do feel outrage,the outrage of how dirty are market place has become.
Max |
