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Joe Saluzzi Discusses Why This Is Now A "Jason Bourne" Market In Which Everyone Just Keeps An Eye Out For The Exits
Themis Trading's Joe Saluzzi once again points out the flaws in the all clear psychology, and that if only we can break 1,150 on the S&P (which we just did), we are headed straight to 36,000 on the Dow (although as we are now in a fully blown melt up as we pointed out last week, we very well might). As Saluzzi says, we find ourselves in a "A momentum driven, fragmented equity market. What we see is a very lite volume morning normally, jacked up really fast by a couple of programs that come in, and then you get this churn most of the day. There is not a lot of conviction out there." And the reason why the market closed above 1,150 (1,150.24 on the last print to be specific - what a computer programmed joke) today as a last minute buy program ramps up: "This market is built on lies and rumors." (a topic previously discussed on Zero Hedge). Technicals and algos rule, and the Fed will take care of all the rest. And the faster one's reactions (on the exit button)the better, which is why if one is an Xbox gaming champion and 18 years old or younger, Getco and Goldman will hire you on the spot. According to Saluzzi, this observation has lead to a new nickname: this is now "the Jason Bourne market, because when he goes into a room, the first thing he checks for is where the three exits are. How do I get out. That's what investors are doing."
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Or, if you're gonna play this game, don't get caught holding aces and eights. If you do, at least make sure your back is to the wall and you have both pistols cocked.
Fucking a...I have an ace and an eight, the flop shows a king, a jack and a six. One guy bid up and another raised. Sheeeeeet...
you ruined the above comment...he is referring to 5 card draw getting shot with 2 pair before being able to draw the fifth card...
Or he's talking about the "Dead Man's Hand",aces and
eights, that Wild Bill Hickok was holding before he was
shot dead from behind.
he who panics first wins.
+1 for the avalanche theory
What if you panicked 6 months ago?
Then you are already safe.
If you exited six months ago you bought physical gold at $1000 and it is now $1100. Many i know have exited their money market (they can now lock you out due to recent law change), exited their 401k (government might try to steal, i mean reinvest it for you) and other items. The risk from ANY COUNTERPARTY right now is simply too high.
Buy physical gold as even the Vampire Squid is now trying to suck down and control all they can.
Market Truth,
Here is the problem. What will gold do if we have a depression? The "powers" will tank/take gold as payback or to service debt requirements. Either way salt/led/seeds will be worth 10 times as much.
Then what happens to all the innocents that can't own a coin or two because of limited supply? What about the countries that have all the gold? Do they rule?
Gold is nothing more than a rich mans play thing. It won't solve the real problems en masse.
Market Truth,
Here is the problem. What will gold do if we have a depression? The "powers" will tank/take gold as payback or to service debt requirements. Either way salt/led/seeds will be worth 10 times as much.
Then what happens to all the innocents that can't own a coin or two because of limited supply? What about the countries that have all the gold? Do they rule?
Gold is nothing more than a rich mans play thing. It won't solve the real problems en masse.
who close the doors first wins...
I'm guessing that GS/JPM have a fairly arrogant attitude that they can control the velocity of any downside moves...
The word "contained" comes to mind.
Bernanke did contain the subprime crisis, right? I remember that he said that, back in 07 as I recall.
actually, "they" (as if "they" are in control) feel / would feel the exact opposite. hence, such machiavellian tactics employed by "them" and especially the Fed-Treasury-PPT hydra. once we head down, the velocity with which we will be tanking will be unstoppable ... hence, the do-or-die, live-for-today outlook n perspectives of so many of "them". while most think this outlook 'new', i'd argue that markets topped a decade ago and the keys were turned over a long time ago, but will digress.
once the floor falls out again (when it does), ain't no stoppin that runaway train. investors are 'made' to feel this way cause, like everything psychological, 'investors' (whatever that means) are f'ing braindead mo rons who don't understand the first thing bout their own emotional malleability, let alone practical psychology, behavioral finance or neuroplasticity ... so, gotta make sure 'everyone' "knows" something to be true into epic turns. 3/10/00 (equities), 11/9/07 (equities), 7/15/08 (inflation, oil, softs), 3/6/09 (equities), 12/3/09 (gold & usd). bottom line: WS proper dudn't think shit is containable to the downside and everyone i know thinks their last bonus just that, their last bonus.
You and I are wavers and get it. For the rest of the tribe here, the rally over the last year has to have been artificial, created by BB, algos, stimuli, etc. Truth is, it's just human nature to bounce back and buy into the same old story. Suck in every last sucker and let the bear back in the room. We're within 40 trading days of said event. Mark my words.
well said chop and howard.
simply uncanny how history keeps going round and round with essentially no changes....
as one who has followed the banking sector my entire adult life, i am genuinely trying to decide if the action of late in the banks is even worse than that of the dot coms. in the case of the dot coms, it was a new era of tech breakout and there was hope that some of them might break through to some brave new world. it was also well known that they had no earnings and that people were at least betting on a potential lottery ticket; either lose it all or strike it rich, if you will.
in the case of banks, they are known entities, having existed for centuries. i've yet to hear anybody suggest that there is a brave new hopeful world in the future for.....banks?????. actually, what i've read (and happen to think will happen) is that the future will be worse for banks as they will restricted ala some form of constraining glass steagall version 2.0 and their business model has changed due to further constraints on the credit revenue stream; it is possible at some future point that they become more like a utility. it is well known by any experienced financial professional that they are technically insolvent or close thereto and current earnings are due primarily to faulty accounting. yet, that same bank group and associated financial professionals, in conjunction and collusion with the US government (including Fed) have lied and created distortions about it to people and some have swallowed it, others just along for the ponzi hoping they can get out quicker than the next guy.
i think the action since the stabilization after the march lows (say around late summer or autumn) has been completely irresponsible as instead of beginning to fix the structural deficiencies and problems in the bank, the banks and the US government have masked the problem and lied about the true status and declared all is well with a patient that is still no better than those days in the abyss and I could argue it is even much sicker now than then.
Those who write the financial and political history of this sad era will be fucking brutal towards the complete failure of the bank leaders, political leaders, and the Federal Reserve.
Humpty Dumpty bruddah.
La Guillotine shall claim her bloody prize. The Banksters might have gotten away with murder but their children might have to face the music if mommy and daddy don't fall on their swords.
And when do Baby Boomers fall on their swords? We'll see.
woo-hoo! 40 days, eh? not 17, not 51, not 77? just 40? whats the significance of 40? if you said this a week ago would you say 47? or still 40? how about a week from now? 33 days? does not sound cool. But 40? I feel definite coolness in your prediction.
Noah's flood?
Gonna save this and, not to be a smart pants, will review it 40 days from now.
I will take the other side and buy a call on the ES at 1150.
Let's see how good this forecast is.
How annoying were those interviewers... they ask him a question and continually butt in on his answers!
There was almost a desperation to refute Joe even before Joe could finish his sentences. This is classic information bias, where people seek information that confirms their view or bias and reject information that is contrary to their view or bias. With this type of group think or hive mentality, facts mean nothing. If two or more people have the same view, that means the view is correct.
Thanks for cluing us in, Einstein.
Has it ever occurred to you that truth, that facts (obvious or not) should be repeated every now and then. Why do you think advertising is so effective? Because of repetition. Ask any advertiser. That's the secret, repetition, not truth, not facts, not enlightenment but repetition.
Keep it comin CD
extremely true and a very complex subject summed up magnificently in one paragraph.
beautiful CD.
...Lot of that going around these days. Sounds like the global warming crowd.
It would be awesome if that blonde mouthpeice were to lose her job, and then comment on the "change in the trend".
She seems really comfortable biting off more than she can intellectually chew because:
A) she doesn't have to put her money where her mouth is and
B) she is employed in a profession where bullshit can be peddled as frosted flakes
C) she currently has a job
Dan “Dumbass” Deming is a fool. Talking about manufacturing that’s going nowhere but inventory and no even mentioning that the government has poured over two trillion into this economy and all you get is a flat line. There is no employment growth, there is no wage growth, there is no consumer debt growth, ex-financials there has been NO real top line growth. Most of these guys are just complete economic idiots.
Bernanke = The Cooler. Watch this double down epic fail his ass. He thinks he's hit black 36 already, but in reality the roulette wheel is still spinning lol
Wonder why they never let Joe on CNBS?
from 6mins to 10mins the sound is completely distorted
Fundamentals will win out in the end like they did for the dot com an all other bubbles, just this one has got Blind Bennie and the Injets blowing this latest one up faster than they blew the last loada bubbles. Didn't see them, don't see this one... it will be like someone who gets bubble gum all over their face... Bubbles Ben will get it all over his face for the rest of history. The man that thought he knew how to beat Great Depression II but instead of a short one, he made it double Great Depression I because of his idiocy
The fundamentals are going to emerge around Nov. 11th when most incumbents will be thrown out on their ass and the fed becomes suddenly vulnerable, but until then the technicals (PPT) rule.
Hope you aren't in the market based on that premise.
I appreciate the plan but there will be lots of bribery...
Is Herman Goebbels grandson running CNBS and Bloomberg? They never let the other side of any argument be heard.
How long can the bots keep this trend line going up? At this rate we will be:
43 weeks left in the year X 250 DJIA weekly increase = DOW at 10760 + 10550 = 21310 by 12/31/2010.
With the computers trading everything up I am beginning to think this is possible.
You have to do it on a %-age basis. 250 points this week will be 500 points per week by the end of the year.
There's no way this doesn't end badly. I'm pretty sure we've crossed whatever financial Rubicon needed to be crossed for it to end badly. Bears just need that all-important characteristic of a position trader: patience.
They will probably hit a few down weeks here and there just to get a few more shorts in to burn, so make that a nice round 20K for the end of the year for some super fat bonuses
great stuff from Joe (& Sal), as per usual, 'cept for one thing: that 'exit' line, which sounds great but is rather misleading with / for retail.
planning an exit in advance: isn't that called trading / risk mgmt / defense? isn't that what one ought be doing before entering a trade (or a room)?
if you plan your trades, you know your exit tgts in advance of entry and manage accordingly thereafter ... according to your written trading plan.
if you take your trades from elsewhere, you're basically running into a building to see what's happening inside and if it is on fire then you're forced to do a quick 180 up out.
not arguing against or disagreeing with anything said by Joe, simply underscoring the difference between systematic traders and willy-nilly nonsense exhibited by most prime brokers and everyone blindly taking their "investing" cues from the opinions of others.
I took his point as being aimed at/describing the "closet" market-timers among the crowd that says "buy and hold" in public because they need to accumulate assets, but knows that buy and hold is the best way to underperform their benchmarks.
everyone is bullish at the top. Bullish sentiment is higher than 2007.
Demings lemmings.
virgilcaine- Thats what I keep thinking. Here at the top of the 60% run up from 'the bottom', just like the last 60% retracement 90 years ago, everyone is ultra-bullish. Calling for DOW 20,000, 36,000 etc. When everyone including the bears turn bullish, watch out.
Market built on hype and rumors, and heavy suspension of disbelief.
dailyjobcuts.com keeps my sanity.
Wow...when was the last time SPY was green 10 days in a row?
The last time I loaded up on SPY puts, sigh...
Consider, if you will, that we were in a world different from the world of a year ago. The markets were about to collapse and the game was about to end. Put on your tin foil and imagine the fed taking that activist role in the equity market (to go along w/ active roles in so many other fronts) from 666 and hasn't and won't and can't stop. What if the only reason folks traded into in a highly overvalued market was because they knew the market can only go one way now (what if the fed could always pump more money into the market to keep it going). The flip side is that if the fed (or whatever) doesn't keep the market up, pensions, insurance companies, banks, RE, CRE all go boom. What if this is the real "new normal". However, we ZH'ers are still playing the game of last year when there wasn't always more money to push through every resistance, to pull us back to every support level. Valuations and PE's and macro environments mattered. What if that's all so, 2008? What if reality is what "they" say it is. All us "think for myself" ZH'ers are to damn smart for own good. If this is now a fascist (and don't mistake that for anything other than gov run economy...not the 1940 brand) government, then winners and losers are already selected and one should get on board as told or be in for a world of pain. Just sayin'.
"What if that's all so, 2008? What if reality is what "they" say it is..."
As in, a 'new paradigm'?....
I'm thinking he might be saying "this time is different".
I laugh so hard when people say that.
It's never different. Maybe some variations on a minor basis, but it ain't different.
Let's get the last of the marginal suckers in, complete the distribution, crash again, and hope that maybe we will fix the problem next time around. but you know something? we won't fix the problem cuz it won't be any different next time.
there's several centuries of economic history for you, no charge.
History is repeating, another crash to come.
Fed pumps Futures, HFT flatlines Stocks until the last 15 minutes and the FED does another pump.
No one will Sell with this kind of support and with the Market Overbought I do not think many will Buy. It is kind of a stand off.
It appears to me that any time the Market looks weak and volume dries up to almost zero they give it a bump. I guess they think that if they increase the price more people will Buy.
I used to day trade but have given up even trying. Biggest problem is the daily flatline. If you make a mistake you do not have an opportunity to get out without it costing you.
That may be their purpose, to eliminate all daytraders to keep the Market on a continual flatline. Although, who will buy when it does go down? All of thoes Institutions that are fully invested?
That in my opinion is the problem with the continued pump and flatline is there is no support if every one wanted to Sell. Daytraders are out and there is no one to Buy. Except the Fed of course.
I do think that HFT will eventually kill the Market they are using to make all of their money. You can tell by the almost non existent volume that there are fewer and fewer people trading and investing which will eventually destroy their revenue. Once they do destroy the Market how will they ever get people back into the Market or to start to daytrade again? No I do not think they will. They will destroy their Money Machine the Stock Market for short term profits on HFT.
Excellent comment and perspective on daytrading - I feel the same - thanks.
Yes: Great comments regarding daytrading. I am in the same camp regarding the equity markets, but I am still trading currency (2-5 day timeframes). If `they` do have a stategy it might be working - I for one am seriously loosing the bottle to pull the trigger and short equities.
Guys, this is old. He was on YESTERDAY, March 10th. But I guess that is part of the point, the market is deja vu all over again.
Isn't software faster than Joe can think?
You don't need guns. You need bandwidth. A trigger finger is still useful.
Guys, this is OLD.
He was on YESTERDAY.
But maybe that is part of the point... Deja Vu all over again.
Saluzzi gets and naturally the media remains in denial. They're dying to get retail involved to confirm the recovery.
Anyway, check out this chart. Wow, if it's accurate, perhaps it'll sober up the party we're missing:
http://link.businessinsider.com/view/bir.5gb/480303dc
i resemble that chart rubear - stopped all major purchases- no vacations- no money going into the machine - took 75% liquid cash out of bank
no stock holdings none I have never been out of the market in 40 yrs. but this time I cannot
support the fraud.
holding silver - starve the squid banksters starve the IRS and the taxman..cut back to 2 days a week..
bunker mentality all the way - only exception:
.Bombay Sapphire & Tyrconnell Irish single malt & Glenlivit 12 y.o single malt Bless the
Scottish maltman.
a gentlemen must have some comfort while watching the rape of his nation.
Yo OverMed, Sori, didn't mean to snuff out a chart member. I'm with ya on bunker mental stuff. Extremely disgusted that this shit goes on "way out in the open". All this after the discovery of financial abuse.
Single malt sounds quenching.
Long Silver too and waiting for the ratio to contract. Charts look better but I think downside risk is steep once CT flushes out more. I'll be adding on a breakout through $19 perhaps either sell puts on a pullback to acuire or wait (if premium small) for sub $12 to load up and satisfy allocation in that "poor man's gold".
Good luck man! Homeland will never be the same....
we are told lies about the lies that we were told by liars who only lie when they open their mouths reported on by corrupt press who
never seek to save one truth least it reveil the lie they thought they wrote long before they
lost their honor in the ocean of their masters lusts & greed hungrily sucking on the helpless souls of those who are the new debt serfs..
gold and silver shine in the dark as they always will. the masters roil and foam in rage as the reflected images burn their idols of paper.
Getting tiresome. I've been reading how this "bear-market rally" is getting long in the tooth since S&P 880. We'll be reading the same crap at S&P 2000. Face it: They have the formula. It cannot be stopped.
You must be short too. Don't worry, be patient and keep some dry powder too.
I'm eating turds since SDS @ 40! This is so F-n ridiculous and I AM patient but the tracking error is gonna kill me twice.. Oh well, screw it. If I lose a crapload of unemployment-check money, the government (and taxpayers) are gittin' something back if they're long. A little to the 401k kitty... Didn't earn it anyway. Having any sense of reality these days is going to get people in trouble. This isn't a trader's market or investor's market or any other kind of 'market' for that matter. Will TPTB be held responsible for any losses that are incurred when markets are finally allowed to fall? Anyone with good connections will be out tho... and then Cramerica and the other pumpers will say the market was overbought and peeps shoulda taken profits.. Rambling post is due to a crazy #$%^&* amount of anger. apologies. patience is wearing thin.
poor fella indeed. You know the rule--never hold inverse ETF's more than a day. And it's not a tracking error--it's a daily reset that requires you to hold on for the market to lose twice as much as it did to get you back. The way they work is that they buy swaps to cover the downside and have to reset at 3:30-3:45 each day.
SDS is a great buy around April 10-15th. If you have the money, bring down your dollar cost average from 40 (today at 32 and change) when it hits 30 or lower. If not, take your loss and start over. I've traded my way out of every inverse ETF loss ever and made much money on the right side.
Here's another poor fella also w/SDS, SKF,TWM and DUG. Yeah, you average price these things and it's not as bad. You can work out of them. What you need is the same string of down days that we just saw in up days. The only killer is when you earn back a bunch and it reverses on ya. Your percentage hit eats up all you just made. It's a trap but we're not alone. Hard to play day to day stuff since vols are so low right now.
One more thing, with viv sub 20, option premiums are worth while to lookat to diversify with long dated puts.
Don't worry, if you're patient and are not spending food money, go for it!
I see this said all the time as if it holds for all instances, but TNA (3X Russell 2000) is up something like 400% from the lows of March 2009. Compounding can work in your favor if your timing is right and a real trend develops, even if in the course of that trend there are some corrections.
Yeah that's the weird thing about the levered/inverse ETF's. While true on the surface, the downsides are rehashed like its rote. Due to resets, low volatility and random price movements can result in serious decay.
But the serial compounding effect on the other side is way overlooked as a compensating factor for the decay. Serial down days and volatility spikes can reverse things in a very big hurry.
The bottom line is that there are more efficient ways to play bearish bets on value or bullish bets on volatility. But if you're savvy and patient enough, you can still make good bill on these blunt instruments.
BRAVO to Joe, and the people like him who tell it like it is.
What happened to Land of the free, 'home of the brave'?? WHERE ARE THE BRAVE????
We have to expose the PPT FUCKSTERS for what they really are, if we can't, well, let's just say the mob will be busy.
Speaking about taking a big bath - check out the headline 8:23 "Jacuzzi: Fed will..."
C'mon Bloomberg!
Hey Bloomberg TV is a little more zippy and slick that the last time I saw it. Not that CNBC is any kind of gold standard but BBerg TV used to - like a year or two ago, look like some Soviet, closed circuit airport feed.
Did anybody notice that BBerg was summarizing some of his statements by calling him Jacuzzi? Look at it.
Jacuzzzi: Markets are trading on low volume, blah, blah, blah.
They were actually calling him that.
I remember all the optimism in the media around 2007. All the experts saying "Bear Stearns is stable there is no problem" "The fundamentals of our economy are strong" ect... well we know the rest of the story. I think part 2 is coming out later this yr. and next. Its a confidence game.
Furthermore, The TBTFs passed the stress tests
before failing. Including AIG!
I think part 2 is coming out later this yr. and next. Its a confidence game.
I think part 2 has clearly started...in fact, i think it is now in a methamphetamine induced orgiastic state of manic ecstasy.......
truly a confidence game in every sense of the word. and a ponzi too.
Where are the "Inglorius Basterds" when you need them?
My little manufacturing business, which sells primarily to large technology businesses, has received a lot of orders over the past month. We are swamped. The capex budgets of the bigger companies seem to have freed up a bit. Cisco and Intel are hiring in Silicon Valley. The "for lease" signns are no longer multiplying, though they have not started to decrease yet. While, I don't believe this is a recovery many small businesses are still having a very hard time, I think QE earnings will beat expectations. Of course, I have no idea what they will say in their forward looking statements. Regardless, I expect Wall Street, the Media and the Administration will spin this as a positive and the bubble will continue to inflate for a while longer.
good info.
im pretty sure this is the last big hoorah people.
i expect a gradual but accelerating unwinding from this one last headfuck
What's different this time, valuation? SPX1150 is right in the pocket of most analysts for 2010. Although I'm still hearing estimates being raised to as high as EPS$80 by some which is categorically MAD!
My guess, thinning volumes on higher prices. volume of debt roll-overs this month. end of govt $$ bailouts (officially[??]) . fed gov looking to exit equity positions so no need to run it much higher and prefer a push to bonds, very strong bullish sentiment, mutual funds cash reserves at the lows,
its mostly that people havent been able to believe this run for a long time and still its got one more head fake left in it. my guts have said to look to go short in march for about 8 months now, the crushing weight of reality has been on us for a longtime and the market will finally turn when we fully doubt our convicions.
if you follow the 5% either side of the 50day SMA the S&P has a little uptick left in it then the short side should be reasonably safe as we go into the second half of the month, i dont expect it to pull back past this one again.
famous. last. words. (guesses)
the analysts, the central banks, the federal governments only project off the official line (lie) they do not consider fringe events for fear of being the lost sheep away from the herd.
Gotcha! Well, I've been the wrong way for about as long as you've been thinkin' about March with his thing. The only saving grace with my hedge has been the 20% equity long, 20% commodity position. Been so anguished by this crap especially after all the research about the extended market notwithstanding all the "liquidity" in play etc.....
The thin volume stat remains a confidence builder and thanks for the 5% point. That works.
I also stand behind the fact that if they've priced in $58 EPS on a P/E multiple of 20, the upside is obviously tight for anyone to get long now. A 28% increase in Y/Y EPS from '09 to '10 is really ambitious, as in SPX1500. Damn!
Apart from the momentum play, I think you're right that we may be close to a "real" move in the other direction. Especially that the junk is trading up like it has.
I'm hoping and expecting at some point, should this market finally take a crap, it spooks enough people to stick-it to the players who've ramped this thing in the first place. Good luck bud!
i think that when you're looking for this type of counter trend change to come through the system every day you resist the urge to enter the position the better off you are. eventually you have to cave in and place youre bets though and hopefully a long time has past by then. theoretically you're better off sitting on the sidelines and missing the movement all together then getting in too early, especially under leverage. it is so nice to think of picking up those puts for cheap as the market reached the last little blip of its bull run though.... intoxicating really....
now hopefully, this is it. 1500 may happen though. we've got to be prepared to be wrong as well.
Time will tell bud :) Good night!
.
I'd rather my son grow up to be a transgender burlesque dancer than a TV whore.
there's a difference?
There are honest transgendered burlesque dancers, you know.
Extreme ways are back again
Extreme places I didn't know
I broke everything new again
Everything that I'd owned
I threw it out the window
Then it fell apart, it fell apart Oh baby, oh baby
Then it fell apart, it fell apart Oh baby, oh baby
Then it fell apart, it fell apart
Oh baby, oh baby
Like it always does, always does
Nice.
I, for one, freely admit that I recognize Moby lyrics.
Perfect song for the Bourne movies.
Is it just me or is Dan Deming look computer generated?
Like a Aspie Max Headroom.
The PPT will not let it go down. They are counting on the millions of baby boomers to follow like sheep to slaughter because they still believe in the good old US of A and the very people that have brought them to ruin!
How annoying were those interviewers... they ask him a question and continually butt in on his answers!
This is utter nonsense. Everything this guy is saying is complete gibberish. Why has no one ever pointed out to these people that they are completely superfluous to society? All of this is complete idiocy.
You are not Chumbawamba.
"This is utter nonsense. Everything this guy is saying is complete gibberish. Why has no one ever pointed out to these people that they are completely superfluous to society? All of this is complete idiocy."
agreed. if you know its a hoax, then stop enabling it by participating.
Stocks tend to rise very slowly and go down quickly. They do the former to create an illusion of a never ending climb; the latter, to scare the public into selling.
For all the fanfare, the market is up 4.5% in the last 5 months. Not bad, but, that and much more can be wiped out in a very short peroid of time.
The huge one day event market crash we all hope to see someday may be just wishful thinking by most of us. With all the manipulation, and game changers such as rules being invented "on the fly", etc, etc it seems highly unlikely. You have the corrupt Obama admin, Fed, curbs, the PPT, the SEC, and all other level pullers controlling the market. It's like a computer game. They have the joystick. They cushion every blow. But a slow bleed, yes, will be underway. This will be like chinese water torture for longs, and good for bears, but the velocity of the decline will disappoint many bears looking for the huge one day "crash".
The EURO rally I warned of has started.
http://www.zerohedge.com/forum/market-outlook-0
To get out investors have to first have gotton in.
Since most have not gotten in in the first place then much of this type of commentary is by those that missed the rally wishfully hoping for the March 2009 lows to be revisted so that they get a chance to buy.
Joe Saluzzi is a loser who missed the greatest bull market in history now crys market.
I am new to ZH, but if you guys fall so easily for this smokes and mirrors BS from a loser , then......
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