Well, I know I saw it somewhere....Also, it was co-incidental with a bond selloff which appeared to trigger a stock selloff around the normal turn time between 1:30 and 2 ET.
So that was my guess as to the reason behind the turnaround. But But But.....Currencies have been in the background behind this market as it became unreasonable. It does make sense, to me at least, that a reversal in the dollar causes a reversal in the bond causes a reversal in stocks.
However, all this is short-term news anyway for this strange market. In my opinion, the market will shrug off even this warning and continue on to new highs. After all, why should common sense apply?
I read the other day, somewhere, that some 26-year-old broker when asked about market valuations and the extension of the market replied "Well, the old rules don't apply anymore".
I'm not quite ready to be put out to pasture 'cuz the same rules I have looked at for 20 years are dismissed by the new school. I suppose we will have to wait and see.
The futures are up again this evening, 200 points at 1115.70
My guess is they make another run at DJIA 9000 and succeed. So what?
Pardon me, I'm getting cynical in my old age. The house is almost paid for.
The interesting thing is, people like me have owned stocks for a long time. So, if the market goes up and we lose on short positions we still make out okay.
So up or down is fine. I'm not a "perma-bear", I just like to believe there is some sense as to why the market goes up. I see no sense in this. |
