To: ild who wrote (35096 ) 6/30/2005 4:02:49 PM From: russwinter Read Replies (1) | Respond to of 110194 Well, it certainly isn't a good day for the bulls, but if you look at the tape, the only thing down big are deep cyclicals, so it's clear the market thinks the Bullies and Pig Men will have their way as usual. Russell 2000 must be heavy in bully names, as it's holding relatively solid, sort of a half ass fade late? Homebuilders are up, junk lenders are doing just fine, thank you. The financials (XLF), as if nobody is asking how they make money with these spreads, is barely off. Consumer discretionary (XLY) and retailing is barely off, so people can still borrow to buy at SBUX and JWN. NAZ took kind of a late hit, so maybe they decided to classify it as cyclical, this ten minutes? Hey there's always tomorrow to get back in, must be confusing sometimes to be a fully invested fund of some sort? GOOG was up, so there is always something for the silly season crowd to play even on a day like today. Clearly the thinking is that because everything slows down economically, they pretend there is deflation, then the party gets a new leg? The sicko reasoning on the financials can only be that they should push out the loans now as loss leaders, cause rates and bank costs will be lower later, and they can still make money. Mr. Creosote is smirking today, as he prepares to heave another one. He knows that for every layoff and "cost cutting", another round of cheap financing, will protect his profit margins, and allow him to move the merchandise (mostly securities and paper confetti). Of course his bond portfolio is always worth more too. How much more strange can this get? The indexes that support the housing hysteria have barely been brushed over the last three hikes, and today was no different:Message 21463460