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No Volume Meltup Continues, Just 251 More Days Until Dow 36,000

Tyler Durden's picture




 

The chart below shows all you need to know about the market participation in the most recent rally.

A simple calculation indicates that as algos take the Dow higher by about 100 points a day, we are only 251 days away from Dow 36,000. But why stop there: it is now obvious that Bernanke will not stop until 2 shares of total NYSE volume take the Dow to 100,000 in just under two and a half years at this rate. And as the VIX goes negative in just under a month, the Fed will be paying investors to buy calls on Dow 100,000,000 just in case. Because it is better to be safe than sorry.

 

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Tue, 03/23/2010 - 15:55 | 273562 TooBearish
TooBearish's picture

Well the Euro looks good here...

Tue, 03/23/2010 - 16:02 | 273564 John McCloy
John McCloy's picture

I dream of the day this market gets a Scott Farkas type beating.

Tue, 03/23/2010 - 16:38 | 273664 ZeroPower
ZeroPower's picture

Unpatriotic.

Tue, 03/23/2010 - 15:57 | 273566 Don.Corleone
Don.Corleone's picture

Let´s chase the Rally.... Monkey trade rules

Tue, 03/23/2010 - 15:58 | 273567 carbonmutant
carbonmutant's picture

The squid must have found a nest of shorts.

 

Tue, 03/23/2010 - 15:58 | 273568 Edna R. Rider
Edna R. Rider's picture

Everyone I know in the money mgmt business is done with shorting.  My favorite quote:  "it is like being Jewish in Iran. It doesn't work."  Why there was 40+% short interest in Saks is beyond comprehension, which any idiot (like me) knows that the banks are upgrading heavily shorted stocks almost exclusively.

Tue, 03/23/2010 - 22:25 | 274004 Squid-puppets a...
Squid-puppets a-go-go's picture

"it is like being Jewish in Iran. It doesn't work."

You might be surprised to know that centuries old Jewish communities are doing ok in Iran and that there are even Jewish members of the Iranian parliament

If you ignore the Western Propaganda , you'd find that the Iranian leadership generally knows how to distinguish between Jewishness and Zionism

Tue, 03/23/2010 - 23:50 | 274072 dark pools of soros
dark pools of soros's picture

they just dont let them run the banks there...

Wed, 03/24/2010 - 03:48 | 274156 Itsalie
Itsalie's picture

but they do allow a Jew to be president, has america ever allowed that?

Tue, 03/23/2010 - 16:00 | 273571 Cognitive Dissonance
Cognitive Dissonance's picture

It's the "new" normal. You're eyes are lying to you Tyler. There is broad based support behind this market rise and I'm told this by those bastions of diligent, disinterested, spin free economic reporting, CNBC and Bloomberg.

Since everything I see on the TV is always real and truthful, it must be you Tyler who is spreading ugly rumors and innuendo.

Or should I say "InYourEndDo"?

Tue, 03/23/2010 - 16:06 | 273593 Howard_Beale
Howard_Beale's picture

LMAO...

Tue, 03/23/2010 - 17:07 | 273730 macfly
macfly's picture

xlnt, and sadly so true, we are all being gamed!

Tue, 03/23/2010 - 18:38 | 273825 Reflexivity
Reflexivity's picture

I think basic psychology is more valuable than modern portfolio theory, securities analysis, discounted cash flow, etc.

Tue, 03/23/2010 - 16:00 | 273572 Racer
Racer's picture

And when some one does decide to sell.. there will be no shorters left to sell to, but of course they have to have a melt up so it can melt down again

 

The Fed is forever blowing bubbles, ugly bubbles, all blue with nasty blood red insides that explodes in a very nasty way

Tue, 03/23/2010 - 16:08 | 273596 deadhead
deadhead's picture

well said.  this one is worse because it is an echo bubble and the problems that developed over the past 10 years have not only not been fixed, but not addressed.

 

nice job bernanke....you inflated commodities and the stock market and they will pop.  

Tue, 03/23/2010 - 16:11 | 273604 Racer
Racer's picture

Yes Bernanke will go down in history as the biggest bubble blower of them all and the cause of the Massive Depression

Tue, 03/23/2010 - 23:48 | 274070 nathan1234
nathan1234's picture

Cant he just blow himself up along with Timmy and save us a lot of trouble

Tue, 03/23/2010 - 16:14 | 273610 Howard_Beale
Howard_Beale's picture

Just like the weasels that they are! POP!

I always thought Greenspan would go down as the worst Fed Chairman in history--wrong again, Beale.

I can't watch it anymore. I haven't opened up Interactive Brokers Trader Workstation except Sunday night after health care passed to check the S&P. I'll just wait. In cash.

Tue, 03/23/2010 - 16:01 | 273575 Ned Zeppelin
Ned Zeppelin's picture

Let's face it - this is astonishing.  I respectfully suggest it is time to capitulate.  Where is my Zero Hedge monogrammed towel to throw in?  We need Dow 36,000 hats.  Dow 10,000 is so old school. Pisani said it at lunch today: "when we hit 11,000  . . . " it's not a market measurement, it's some kind of ultra-reliable timepiece, an atomic clock of investments. Tick, tick tick, onwards and upwards. . . inexorable motion to the very stars above. There are no limits, nor physical laws, nor economic principles to explain the relentless upward trajectory.

Tue, 03/23/2010 - 16:13 | 273608 Cognitive Dissonance
Cognitive Dissonance's picture

Anybody pull up a technical chart of the S&P, DOW or NDX lately? Frightening. RSI near all time 5 year highs. MACD near it's 5 year high. I could go on but this is divine levitation. There is simply no other explanation. I have seen God and I'm going to heaven when I die. See yeah later suckers, all is good for the believers.

Tue, 03/23/2010 - 16:17 | 273622 Howard_Beale
Howard_Beale's picture

Yes, CD, we are entering the Nasdaq March 2000 Twilight Zone. That's how overbought this market is. And I'm willing to bet it gets a lot more overbought.

Tue, 03/23/2010 - 17:21 | 273752 A Man without Q...
A Man without Qualities's picture

There are two ways of valuing stocks - where they should be, based on earnings, leverage, cash balances, customer base, inflation risk etc etc, i.e. economic fundamentals and where they need to be.  The general population has been taken for a ride by the financial community for years, but the problem today is we are so exposed.  State retirement funds, corporate pension schemes, individuals with their 401(k)s all bought hugely overpriced stocks from those thieving bastards and have lost so much wealth, from this and from housing (and let's face it the middle classes have not been able to get rich through their earned income) that people have stopped buying houses, cut down on spending, in order to deleverage and this is killing state and federal budgets owing to the drop in tax revenues.  The Fed knows that the consumer needs to deleverage, but needs them to keep spending, so they have charged the balied out banks to bail out the investors.  

However, if the Fed is ultimately on the hook for the entire stock market, so what?  We know that the US government cannot allow deflation, it is too much in debt, so they will force inflation by flooding the system with liquidity.  If this does work and the Dollar is effectively devalued, owning a large portion of the US equity markets will turn out to be a profitable trade and if it doesn't work, it's all over anyway.

Tue, 03/23/2010 - 18:42 | 273831 fuggetaboutit
fuggetaboutit's picture

A Man

To make sure I understand this line of logic - the right thing to do here is to buy stocks because the Fed wont "let them" decline in value?

Tue, 03/23/2010 - 18:59 | 273846 Psquared
Psquared's picture

That would be a correct statement.

Tue, 03/23/2010 - 20:16 | 273925 fuggetaboutit
fuggetaboutit's picture

Ok, so the Fed wont "let" stocks decline in value in 2010 - why did they "let" them decline in value in 2001 and 2002? 2008? Why did they "let" home prices drop 40%?

 

Tue, 03/23/2010 - 20:48 | 273944 Psquared
Psquared's picture

I was actually being a bit facetious, but to seriously respond to your question I would say that the Fed has never, before this crisis, pumped so much cash at such a low rate into so many banks making it worth the risk for them to buy risk assets. So the Fed buys the futures at night and the big investment banks buy stocks the next day. Any dip results in a furious buying frenzy. I mean ... where do you think all that cash they are printing IS going?

Tue, 03/23/2010 - 21:12 | 273965 fuggetaboutit
fuggetaboutit's picture

Well, mathematically you are 100% right, Fed balance sheet is largest its ever been and beyond that who knows what other off balance sheet programs, etc, I agree with that. But the notion that somehow because they "want" prices to do a certain thing, they will do that certain thing is nuts. Were that the case, they would have just prevented home prices from collapsing.

Maybe the Fed is buying stocks as part of some intricate plan that involves reflating pensions and everything else - but lets remember, this is the same group of guys that didnt see this entire thing coming. So they have gone from missing the entire crisis in the making to now being so omnipotent and clever that they have a full proof way to fix an economy that has been slowly self destructing under the weight of neglect and excessive consumption for a quarter century?

I dunno, maybe.

Tue, 03/23/2010 - 23:37 | 274060 merehuman
merehuman's picture

The fed owns our land cause they have the titles?

So we default, we think the fed loses value, but really they end up with the land and the dollar gauge is caput.So price dont matter , having it does. Same with gold. I just see a crime in progress in broad daylight.

Wed, 03/24/2010 - 05:13 | 274175 monkeyshine
monkeyshine's picture

I can't think of a better explanation. Today Yahoo Finance told me that the market rallied with the DJIA up 100+ and the SP500 up 8+ because housing sales were not as bad as expected.

If that is the measurement of success we truly deserve to be in a world of hurt.

But we're not - at least the broad market isn't. So at least one believable explanation is that those who were going to pull cash out did so long ago. The low volume rise is the result of the money that can't be pulled out being stuck (401k, IRA, long termers in mutual funds) and some source of new cash every single day! 

What is the new source of cash? Logically, only the Fed could be that consistent. They are the only ones with unlimited resources.

Now the real problem with Helicopter Ben's solution is that he isn't using a Helicopter. He is using guided missiles to bomb cash infusions to banks who in turn appear to be investing them in the stock market either directly or indirectly. So he isn't saving the housing market because there is no incentive for banks to lend to homeowners and seemingly no disincentive to invest in the stock market. The Fed told these banks to borrow the money, that they needed the money.. and so they take the money and hoard the money. Whatever the case they won't very willingly lend it to you, me or dupree.

 I believe we are in a liquidity trap where the Fed desperately wants to inflate but hasn't been able to. It pumps money every day to no avail. But whatever the Fed pumps in just seems to go right into the stock market. It does not go to new credit for businesses, or real estate, or personal loans or anything else. That may be in part because there is diminished/diminishing demand for credit (consumers are burned!) but we have to stimulate new business activity, startups, expansion if we want inflation and to return to full employment. But again, there is little demand, few with credit or assets to borrow against, and so few banks willing to lend. There is no incentive from the Fed or Congress to invest that newly minted cash in our cities and towns, and no disincentive to hoard it at less than zero borrowing rates.

So yeah, like the headline goes - 251 days to Dow 36,000.  It may come to pass because Helicopter Ben doesn't know how to fly one.  Perhaps he should. Or maybe Congress can do it for him by enacting a federal home loan program for him.  Anything that puts loads of cash into the hands of the average American will cause the reinflation he seeks. Giving it to the banks, or, even just secretly buying up equities will just drive us to Dow 36,000. 

Perhaps there is a multi-leg plan in place. First shore up the confidence by rebuilding the market values. Then jump start the economy with business credits, SBA loans, debt forgiveness and/or real estate schemes enacted by Congress. But so far I only see leg #1 and no impetus in Congress for anything else on the economic front.

If you have cash, then it seems logical to be long the market because it is the only thing that seems to be working.  I myself have been building an S&P short position over the last 3 days, and losing my ass in so doing. When everyone is irrational it is painful to fight them. When they dress bad news up as good news because of low expectations, then you cannot argue. They used to call it the bigotry of low expectations. I'm not sure what to call it but I'm not sure you can win fighting it. 

And I'm not saying I agree with Helicopter Ben's monetary policy. I'm only suggesting that he is failing to do what he is trying to do and will keep on failing if he continues on this track.

Tue, 03/23/2010 - 21:05 | 273958 wackyquacker
wackyquacker's picture

one must admit, it is truly a marvel to behold. And you know they just laugh and laugh...."hey, did you check out The Zero last night?" hee hee haw haw....sort of like when you tune-in to the post game call-in show of your most hated rival just after they got their ass handed to them. Well, you can run, sometimes for a long time, but ya' can't hide.

Tue, 03/23/2010 - 16:01 | 273577 nonclaim
nonclaim's picture

At this point, nothing but a major fat finger or forced deleverage can bring sanity to the market. We are back to 2007 all contained ramp up again.

Tue, 03/23/2010 - 16:03 | 273581 John McCloy
John McCloy's picture

Cmon where have you been the past few months.Surely if it is a fat finger to the downside the trades will be voided. Fat fingers are only permitted to the upside.

Tue, 03/23/2010 - 16:10 | 273603 nonclaim
nonclaim's picture

How many more Jérôme Kerviel are out there?

Tue, 03/23/2010 - 16:43 | 273617 Cognitive Dissonance
Cognitive Dissonance's picture

I love the last sentence in this Wiki description.

Jérôme Kerviel (born January 11, 1977) is a French Trader who has been charged in the January 2008 Societe Generale trading loss incident, resulting in losses valued at approximately 4.9 billion. Société Générale characterises Kerviel as a rogue trader and claims Kerviel worked these trades alone, and without its authorization. Kerviel, in turn, told investigators that such practices are widespread and that getting a profit makes the hierarchy turn a blind eye. Until the discovery of fraud perpetrated by Bernard Madoff, it was reported to be the largest fraud in banking history.

The only Ponzi bigger than Madoff is the one being run today by the powers-that-be. The Ponzi is dead. Long live the Ponzi.

Tue, 03/23/2010 - 17:18 | 273749 Hulk
Hulk's picture

Lucky thing for Kerviel that a 5 biilion Euro loss is peanuts these days. In January of 08, this was a much bigger deal....

Tue, 03/23/2010 - 16:02 | 273578 Racer
Racer's picture

And yet another proof of the con, Deutsche Bank, naughtly naughty, insider traders stupidly got caught, GS and JPM are cleverer than that of course

Tue, 03/23/2010 - 16:03 | 273580 Prof Gulliver
Prof Gulliver's picture

No volume blah blah blah. It is what it is. And this is the new "is," now and forever.

And for a real good read, how about:

“A Thoroughly Exhausted Market” Submitted by Tyler Durden on 07/22/2009 09:36 -0700 (www.zerohedge.com/article/thoroughly-exhausted-market)

 

S&P was at 950 then! The market was so exhausted, it has risen 25 percent since then.

 

 

 

Tue, 03/23/2010 - 16:05 | 273587 Racer
Racer's picture

The Fed have forced risk taking because there is no where else that is 'safe' that will give any sort of return on your money...

Until you don't get a return.. of ...your money

Tue, 03/23/2010 - 18:39 | 273827 Reflexivity
Reflexivity's picture

Yes, good point.

Tue, 03/23/2010 - 16:53 | 273695 Rick64
Rick64's picture

“A Thoroughly Exhausted Market” Submitted by Tyler Durden on 07/22/2009 09:36 -0700 (www.zerohedge.com/article/thoroughly-exhausted-market)

 Prof. Guliver

 You seemed to agree and were the first to comment on this article. It was hard to predict that this runup would happen when it defies the fundamentals, volume, and huge amount of money that it would require.

Tue, 03/23/2010 - 17:37 | 273773 Prof Gulliver
Prof Gulliver's picture

Yes, but none of us reralized the enormous amount of money the Gov't can use as it wants. And it doesn't take a lot to juice the outcome. Since September, I've been uber-long and just ridden the wave. I've been doing George Costanza investing: doing the opposite of every impluse I have. I am now mostly in cash. The market can continue its climb without me. But I'm weary and wary of any story telling me 1) The market is exhausted; and 2) The Fed is all in; and especially 3) The Fed is out of bullets. The Fed can print all the bullets they want.

Tue, 03/23/2010 - 19:45 | 273900 aurum
aurum's picture

The Fed can print all the bullets they want.

 

thats dangerous thinking..there are limitations to everything. When the limit is met is anybody's guess..but rest assured it will be met....

Tue, 03/23/2010 - 17:29 | 273754 poor fella
poor fella's picture

Tell me Professor Gullible, do you see any value anywhere? This from someone that is still holding dogs that haven't recovered; but chasing this train with new money is just plain stupid.

I could be wrong and the turnaround is approaching of course - "Stocks continued their steady climb Tuesday after sales of existing homes fell less than expected." - AP

Tue, 03/23/2010 - 16:05 | 273585 AR15AU
AR15AU's picture

I've never seen such phony market action in my life...  it truly is unbelievable...

But seriously, DOW up 100 points...  SRS ...  up?  Smells like some stealth defensive moves are taking place...

 

Tue, 03/23/2010 - 16:10 | 273602 anony
anony's picture

It's like an organized religion.

Hell, it is an organized religion. The stock market's got it all!

Transubstantiation - (changing utter 666 catastrophe into 1200 wild success)

Virgin birth (Timmmay has no belly button),

Resurrection (Dick Fuld starts an investment firm),

Multiplication of loaves and fishies (derivatives)

Ascension into heaven (A hundred billion dollars in bonuses that can't be clawed back)

And all you have to do is believe.  Hofuckingsanna.

Tue, 03/23/2010 - 16:49 | 273686 InstantWinner
InstantWinner's picture

Timmmmay has no belly button.  That asshole bailed oot Fannie and the night of the birth of Christ!

Tue, 03/23/2010 - 20:48 | 273946 wackyquacker
wackyquacker's picture

actually not. In theory, for many organized religions there is eventually a final accounting, a 'come to Jesus', if you will. For these crooks, scot free is the modus.....

Tue, 03/23/2010 - 16:14 | 273613 demsco
demsco's picture

I have been short, got my ass kicked, so I wen t long because you cannot fight this thing. Ben wants risk assets to go which is why he will not take of the ZIRP anytime soon because when he does, watch out. This was his plan all along, get the credit markets working by making sure safe money pays nothing, guess what the idiot got it right. Now, i disagree with it because it has the potential to end very badly, but Monkey Ben got it to work. So, load up on HY, sub-prime and whatever else because the sky is the limit. I jest, of course, but this thing will end in April, I promise. This is similar to 2000 market action minus the volume.

Tue, 03/23/2010 - 16:20 | 273627 rubearish10
rubearish10's picture

Thank you for going long, I feel better now.

Tue, 03/23/2010 - 16:16 | 273616 Ludic Fallacy
Ludic Fallacy's picture

This can't be right - S&P volume, for the minute following the big 3 surges today, was 0 SHARES!  Someone tell me Yahoo! has it all wrong!

Tue, 03/23/2010 - 17:15 | 273743 macfly
macfly's picture

What was today's volume story? Sadly I don't have a system with deep enough research, I just rely on yahoo, google and schwab - none of which paint the full picture by a long measure.

Tue, 03/23/2010 - 16:17 | 273621 Ben Graham Redux
Ben Graham Redux's picture

Hail Mary!

Today's existing home sales number is telling us it's game over.  They're throwing the bomb with no time remaining in the hope that someone tips it into the endzone.  This goes on a little longer because all they're really doing is forcing more shorts out but if they don't get any traction on the consumer confidence numbers, and more importantly, traction at the cash register, this thing implodes on itself.

Tue, 03/23/2010 - 18:26 | 273817 fuggetaboutit
fuggetaboutit's picture

Consumer confidence number will absolutely "surprise to the upside" despite fact that IBD / TIPP number was a big miss and down month on month (and is predictive of the CC readings) and despite the below today from Gallup

Amazingly guy on the Street not falling for this BS racket by and large (although savings rate back to 3% shows at the very least behavioral tendencies still not broken, but that will come, it always does, and total lack of confidence in what going on here an important first step) while the brightest of the bright on Wall Street dust off their notes from 2000 and 2007 so they can explain why despite missing the entire thing as it happened twice in a decade, this third time they are absolutely sure the coast is clear

 

PRINCETON, N.J.,  March 23 (UPI) -- Researchers at Gallup said Tuesday its Economic Confidence Index fell to minus 31 in the week ending March 21, the lowest point since November.

     Consumer confidence, while remaining negative, rose in December, January and much of February. In the last week of February, however, confidence dropped sharply, Gallup said. The figures have stayed low since then.

     The most recent weekly poll, based on 2,976 telephone interviews with adults, asked consumers about current and future economic conditions. "Both measures are in negative territory -- meaning more Americans express negative than positive sentiments on each dimension -- and have since January 2008," Gallup said.

     The survey includes a margin of error of 2 percentage points, Gallup said.

 

Tue, 03/23/2010 - 20:23 | 273929 621011
621011's picture

I'm short, will stay short, will never not be short this grand illusion.

Tue, 03/23/2010 - 16:44 | 273676 Gimp
Gimp's picture

The only answer for why the market keeps going up is that there is no where else to put your money for a decent return. I have been short for months and have been getting a true "Fight Club" beat down. Need to stop fighting the trend and get on board.

This ponzi could go on till july/august easily just like 2007. Big boys rigging the market again.

 

Tue, 03/23/2010 - 17:10 | 273735 Rainman
Rainman's picture

Six trading days left to quarter end. The boyz won't sacrifice a dime from the Ponzi bonus pool.

Look for  week of April 5 pulldown ( only because April Fools Day is too damned obvious ). They'll shake it out on an " event " , rumour, or other manufactured premise . Then begin the ramp anew. Algos get a break to upgrade the machinery.

I'll dust off my Dow 10,000 hat.....been sittin' idle a while.

Tue, 03/23/2010 - 18:48 | 273837 Reflexivity
Reflexivity's picture

Taleb said something along the lines of: The market corrects to hurt the most of amount of people.

What I think he means is that market will tend to hurt both bulls and bears at the point when one is the majority.  In other words, in booms its the bulls (who have the marjority) who lose their shirts.  In busts, its the bears that (who then hold the majority) who lose their shirts.  So if you just know the market is going down futher, think again; and vice versa.  The randomness in the markets tends to hurt the majority opinion.  So, perhaps instead of being a bull or bear, just be a contrarian. 

 

Tue, 03/23/2010 - 19:31 | 273882 Rainman
Rainman's picture

Agree. I am suspicious, though, that the planned cessation of QE at quarter's end will have to rattle the markets, even if only to show BB what a naughty little boy he is and encourage another round of money pump.

I don't agree that there is randomness in today's markets.

Tue, 03/23/2010 - 19:35 | 273888 ozziindaus
ozziindaus's picture

No, the market is waiting for ME to place my bet so it can screw me. I have all the evidence to prove it.

Tue, 03/23/2010 - 16:46 | 273678 no cnbc cretin
no cnbc cretin's picture

This is all going to end very badly -- for all!

Tue, 03/23/2010 - 16:47 | 273681 Happy Days
Happy Days's picture

It might be good to stop shorting the market...they

know where the orders and stops are. If one trades

from fundamentals...or try to pick a top, will get hurt.

Besides, we all know it's rigged. Would you sit down

and play poker with a card shark? Not me. Let them

run it to the moon (or wherever)...the time will come

and it will be fun....lol! My rule of thumb...if they

want to take it down, they will run it up first. That

is my experience in the pit. In the meantime...enjoy

show brought to you by Hollywood East.

Tue, 03/23/2010 - 16:53 | 273694 emsolý
emsolý's picture

I think the most likely event to make this market ever to go down again (given that HeliBenBaba will never recognize any bubble and any piece of news will forever be spinned to be not as bad as expected) is some financial market retaliation measure from the Chinese that scares the kashizzle out of everyone. (Kind of like the pop-up book that scares the crap out of G.W. in the Will Ferrell parody on global warming...)

Tue, 03/23/2010 - 17:41 | 273778 Oso
Oso's picture

ZH et al - we need solid eyes in the futures pits.  JPM was trying to sell some bigs, then decided against completing the order, pulled some others.  This led to that, stops were triggered, minis went nuts at $2.7 bl notional - bada bing, bada boom, you make a new high.

 

there is NOTHING happening in the real world.  Only futures, and of course, some select index ETFs.

Tue, 03/23/2010 - 19:02 | 273851 Hercules
Hercules's picture

I wonder why everyone is so surprised at melt-ups on no volume?

That's been standard stock exchange specialist modus operandi FOREVER.

Tyler attributes this no-volume gunning to "algos" but *whose* algorithms?  Since my DMM/Specialist thread got, ahem, exactly no replies, let me see if anyone here would care to weigh in on the privileged position of exchange market makers.

They will gun this mutha on as little volume as possible (if people are buying, they are required to sell), using price increases to draw the suckers off the sidelines, then using their special, exchange granted privilege borrow heavily and big- block short the market into the ground. At first, on short volume (gotta give Joe Sixpack a glimmer of hope). Then, after they've taken in down quite a bit, the final big volume wash out, wherein they cover their shorts and load up on dirt -cheap stocks for the next bull raid.

Rinse, Cycle, Repeat.

Same as it ever was - far from a recent development!

Herkie

 

 

Tue, 03/23/2010 - 19:57 | 273911 Happy Days
Happy Days's picture

Yes, this is standard operating procedure by specialists.

Just read Richard Ney's books...it's been going on

a very long time. If the market is moving up on light

volume, it will continue. It's when heavy volume occurs

then she'll tend to reverse. In the pit, one can move the

price very easily when there is little paper coming

from the outside. I know because I've done it.

This can continue for a long time. Observe what

happened when the market hit the lows a year ago.

 

Wed, 03/24/2010 - 01:53 | 274134 Al Gorerhythm
Al Gorerhythm's picture

Whose algo's? I didn't do it!

Tue, 03/23/2010 - 19:12 | 273864 HungrySeagull
HungrySeagull's picture

The buying will continue until morale rises.

Maybe someone has idea to issue wall street stock as we used to get the old Green Stamps 40 years ago when we bought necessary things at the food store each week.

Tue, 03/23/2010 - 22:02 | 273990 Dimeboy
Dimeboy's picture

So, .. it's not to late to get in...?

Tue, 03/23/2010 - 22:35 | 274014 Instant Karma
Instant Karma's picture

The oversold bounce of a year ago has morphed into a late-1990s style stock market bubble. Enjoy it while it lasts, kid, it never does.

Tue, 03/23/2010 - 23:08 | 274036 Nikki
Nikki's picture

The longer Ben refuses to believe in bubbles the worse it will be. How he finishes his tenure as Fed chief is beyond me.

Tue, 03/23/2010 - 23:09 | 274037 Nikki
Nikki's picture

The longer Ben refuses to believe in bubbles the worse it will be. How he finishes his tenure as Fed chief is beyond me.

Wed, 03/24/2010 - 01:37 | 274131 sweet ebony diamond
sweet ebony diamond's picture

guys. mr. ponzi will sue for slander if we call it a ponzi scheme.

we need another name for it. history requires it. Any suggestions?

A Bendover Scheme

Wed, 03/24/2010 - 04:52 | 274170 godfader
godfader's picture

Newbies don't realize that overbought and extended can always get more overbought and more extended.

Wed, 03/24/2010 - 07:42 | 274215 Grand Supercycle
Grand Supercycle's picture

 

USD index continues to get stronger, and we know what that means ...

http://www.zerohedge.com/forum/latest-market-outlook-0

Wed, 04/14/2010 - 07:11 | 299625 mark456
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