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Charting Nine Days Of Short Squeezes And Vapor Volume
Still unclear on what drove the policy vehicle known as the stock market straight up, which for some reason speculators still participate in despite relentless warnings that it is broken, manipulated, etc, for nine consecutive days, following the release of the FT rumor of a bank recapitalization on October 4, since refuted? Simple: look at the chart below. The Green is the Russell 3000, while the Red is the Goldman "highest short interest index." Beginning with September 4, and continuing through today, every time the market appeared poised to drop, market makers would mysteriously squeeze shorts, with the Red line consistently leading the overall market (Green). Said otherwise: shorts panic -> weak hands cover -> market follows. Naturally, for this to work, volume has to be well below average, which was indeed the case - the volume has been abysmally low for the duration of the entire melt up which means the second there are no incremental weak hands to short, and the movement flips, most likely on the fully priced in deus ex bail out of Europe which will not happen next week or ever, massive volume will return, and the market will do what it always does in such situations: soar inversely. Until then, and as always, it is best to play in other, less manipulated venues - buy some CDS, arbitrage some shiny rocks, blow some money on Blackjack, just stay away from the frontrunning algos whose only purpose is to sniff out weak shorts and sell stops. There is no market: we would say it is a casino, if only it was even 10% as fun.
Short summary:
ES Volume:
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I documented on this site a couple of weeks ago buying ewz at 53.70 something, or 54.70 something? Damn that ganja is strong.
Some of the data suggested a rebound, and I owe it all to Tyler for kindly pointing it out to me. Record shorts. Bear bull ratios. And a little T A on think or swim.
Never think "should" when referring to the market.
wtf
you're right... my house always wins. your capitulation feeds my success
Effectively, you're fighting the Fed & PPT. Be reluctantly long but 50% cash until the big flush.
No Im not going to be long OR short. The problem with this crap everyone bitches about and how its all corrupt is they keep walking thru the casino door and playing!
Has anyone who frequents this blog ever even considered that maybe - just maybe - the global economy is starting to turn up? As money velocity sink its fangs into that gargantuan amount of new fresh-smelling fiat that has been printed out of thin air by every country that has banks around the globe, the resultant explosion in stock prices would mirror what we have seen the last two weeks. "Maybe" is all I'm sayin' - MAYBE.
I think it is most definitely "maybe"
I'd get rid of the "maybe" and leave it at Definitely, with a capital D
And let me guess, you came to that conclusion by looking at the market move the last eight days.
Someone in the bowels of the Eccles building just shouted "yeeees, mision accomplished"
Wake the fuck-up, there is not enough growth anywhere to service the outstanding debt. THEREFORE, NO RECOVERY, NOW, TOMORROW, OR EVER, until the system collapses and flashes out all the bad debt.
Go ahead, trade on 'maybe'.
I wont trade on maybe, but I will trade against the "absolutely no way in hell is the market going up" particularly when it appears priced for absolute doom and gloom ( on a relative intermediate basis. Doom and gloom are relative!).
There was too much doomsterism two weeks ago. Now there may not be enough!
No, the perma-bears and gold bugs here have not considered anything other than the bogey man.
They have no idea how to do well in the world of money (or other people for that matter) so Tyler Durden has found a "gold Mine" of loser fools who cannot understand or accept that life is good, people can make money and enjoy the fruits of labor or investment.
Here they understand one thing; the Dear Leader (Tyler and his incarnates) have told them the world is ending and it must be so. Market up? Bogey Man!! Retail sales up? Bogey man!! Unemployment steady to improving? Bogey man!!
Life is good in this country and getting better. Come on Sheeple Dog1, crawl out of your hole and join the party!
wow, you must just have gotten the best bj from a central banker. otherwise you would not be able to type down the shit which forms inside your brain
get him, german...
he forgot to mention...
commodities up, cost of living up...
homelessness up, foreclosers up...
gas prices up, civil unrest up...
go troll somewhere else...no mas... sheepdogone makes a hell of a lot more sense than you...
Dammit i am the registered and certified blog troll around here. I am the only one who has paid the annual trolling fee.
The rights, and pleasures, of making fun of permadoomers and gold buggers is all mine!
You go tell that dude to pay his trolling fee or find another blog to troll. This one is mine.
I shall tell him,
for you are the one and only....
KING TROLL!
i do plenty well "in the world of money," and subscribe to NONE of the bs that just flowed from your keyboard.
you're truly a moron if you believe this is anything more than an extremely sharp, vicious bear market rally.
You can make money in bear market rallies.
gee, thanks for that. i have had a pretty fantastic fucking read on this market from july until monday's gap up, but thanks for that pearl of wisdom. i sold every other fucking rally at it's top but this bastard, again thank you for making my fucking day as i've spent all week repairing my positions.
please tell me you took profit on ewz.
my point is that it was nothing more than a price movement in a perpetually moving market. to use words like short squeez because your got your ass handed to you because you couldnt take a small loss is as retarded as a bunch of morons standing on wall street because theyre mad at me for turning a profit on their suppossed 'short squeeze'
i dont understand whats wrong with these people. this experience has served to help me understand, which i could not for the life of me prior to this, why it is that they are the 99% and I am in the 1%. i almost thought for 1 second that Bill Gates had an honorable thing going by giving it these retards...thats a fool's pursuit, id rather use my money to help my family understand that their brains can never be polluted with this garbage.
This site is not censoring those who have the opposite theories so far as I can tell. I find the theories on here quite interesting and obviously there are a lot of very smart people mixed in with the trolls mindlessly echoing whatever Rush said that day. I don't always agree with the consensus. Being from Europe, I did not agree it will collapse, at least not soon and bet accordingly.
Global markets maybe, the indicator I will trust for a global economic improvement is demand pressure on oil - not in money sloshing around.
anyone who frequents this blog ever even considered that maybe - just maybe - the global economy is starting to turn up?
Yeah, totally, I did.
In 1994.
Look you gotta trade the numbers data.
"Shoulds" have no place in the investing world.
Accept it for what it is and play it accordingly. I never get all the whinning and moaning about this stuff. My job is only to make money in this market and leave the bias and B.S. for all the others. I'd rather be rich than right.
Until you wake up one morning and realize the futures are down 1,000 points and your "long position" profits have vanished in the night.
Then you start to reasses that "rather be rich than right" part
Ooops
youre right when you put it like that though.
just long at the money strangles. the one direction the market is NOT going is sideways
What about Friday evening humor? What about a Hitler video or something? I am being squeezed to death, after all.
Market is heading to 1264 to finish off A then a 38.2 retrace down to 1192 for B and then finally 1381 for C, which is the 78.6 retrace from 1576 to 666 low. The past 5 months have all been down months so October will be counter trend month to the last 5 months.
I think the market is behaving rationally. It lost over 2000 points on fear, and now that it looks as if Greece is going to take a decapitation or the ECB will print money, it has gained some of that ground back.
How is that abnormal?
That some people (i.e. long-term bulls) don't or can't see it as unsustainable is another issue entirely, since the time frame in which the unsustainability will collapse is unknown. They could see it, but just believe it's far enough in the future that they can still trade today without worrying about it. Bears tend to think the end is near, but they've thought that for fifty years. The end is when our balance sheet looks like Greece's, and that's a long way off.
It takes brass balls and good instinct to get involved in this market. Personally, I am out entirely after making some money on Google calls this week. Next week, I'd be looking to take a moderate short position after Apple reports. I won't play Apple earnings this time around because I honestly have a hard time comprehending why anyone would by their outdated hardware this past quarter. I'm hoping the market goes up Mon-Thurs because that makes the opportunity on Friday even better.
This will be the last quarter of record profits, so barring QE3, I think we see a slow downward trend after earnings season. Probably into a bear market. I don't think you can go wrong being in cash and hedging that with gold while waiting for opportunities to present themselves. Whether the market goes up or down doesn't really matter because each scenario presents an opportunity. The worst market is sideways, but there are option strategies for that.
So, while agree this could be the 5 computers trading with one another and other forms of manipulation, it also makes some rational sense that as risk subsides the market goes up. 9 days of short squeezing? Eh. I've seen rumors in both directions. If you wait for the crash or try to justify it you'll drive yourself crazy.
ZH pointed out POMO schedule
The short squeezes have everything to do with only two things. The ES and SPY. Those are the two instruments that are manipulated higher day and night so all the HFT and algos that key off of them will grind higher. My guess is the tradebots aren't active off on most of the banks because algos or not, sentiment is too bad in that sector and they would just lose money. Same goes for FCX, etc They can't control copper so they stay away.
The short squeezes have everything to do with only two things. The ES and SPY. Those are the two instruments that are manipulated higher day and night so all the HFT and algos that key off of them will grind higher. My guess is the tradebots aren't active off on most of the banks because algos or not, sentiment is too bad in that sector and they would just lose money. Same goes for FCX, etc They can't control copper so they stay away.
Hands down one of the fastest rallies ever.
About 150 ES points in two weeks.
When we had that huge volume v-bottom on "Dexia Day", that was the clue to get long big.
Definitely the icing on the cake.
This is the fastest money i have made since buying zsl at 13.79. A number i will never forget, nor let you forget!
Made a lot of money on the reversal of Oct 4th. Volume better come into this market though or it will not hold. This market is trading exactly opposite of the US dollar and has been for quite a while. Fundamentals continue to matter very little on all markets world wide. Got to be ready and stay nimble because Europe is not solved by any stretch. So my bias is to the downside once again. This is only being held up by the strings of European finance ministers constantly buying time on their "plan".
you CAN'T stop a market from crashing. c'mon look at your Aug charts, clear as day. we are still off 2011 highs. this isn't 2009 when the market rallied, what we have now is multi market threats' from EZ, China and US credit downgrade/implosion, trade war. shorts piled on after the August sell off, we had a sqeeze, now indexes are over bought breaking all MA's on low volume panic buy/meltups...this won't last. my guess the market will roll over fast into the last two weeks of oct. there won't ge any new long pos IMO, just profit taking...now there could be a panic on that, say Copper comes under pressure, EZ goes mental again, or HK/China bail out a bank. whatever the case, the market will sell/short again. just timing baby...
The sec doesn't just look at porn, they day trade too:
http://www.reuters.com/article/2011/10/14/us-sec-databreach-idUSTRE79D5O...
Have heard a theory from a few smart people that "twist"= QE3 as the
banks can repo their 'required' buys on the short end and then go
long stocks with the borrowings. Does this make sense?
You guys can long yourself to the moon. What do I care? Don't expect me to buy any of your fucking garbage when you decide to ring the cash register.
I wonder how China is feeling with all their market in tank mode, while Americans have never lived better off of their genoristiy. Man, the U.S. is really kicking their ass. What pussies.
And to top it off, they are the stupid "Bagholders" holding all our worthless fiat paper which pays a paltry 2%.
When they could have used that cash to buy the entire open interest at COMEX, buy 75% of the gold mining companies, and locked up a substantial portion of future oil production.
Instead, they are happily lapping up our paper, which we could default on at will, any time we want.
Meanwhile, we are luxuriating here in the USA with all the creature comforts of modern living, which they sold us, such as iPads, smart phones, Victoria's Secret underwear, and 90% of everything you can buy at Target or Wal-Mart.
Heh, the joke is on them....
Robo,
in response to your earlier post, HFT screws day traders as the BxA sizes are meaningless now.
Nobody is sure about the range. Otherwise today everybody will sell and go short since today we reach the up range 1220+.
Yes, there is no range outside of what the Fed can tolerate. They own most of it, afterall.
She's redlining while burning Fed Bucks and Methanol. Too bad both are corrosive to the engine long term.
Shake n' Bake
Officially capitulated today, covered my AMZN short (from 232) and went long... also bot AAPL and GOOG and sold all my TZA's ... fuk it i'm sick of this grinding up every f'in day
I feel your pain. Went FSLR on the down, as Owebama owns it.
I was lucky. Covered my Amzn .20 lower than I shorted it yesterday at 235.40.
May consider now reshorting higher.
i can (somewhat) understand covering your shorts, but going long here?? are you looking to get raped twice???
I went out of TZA at the end of september. Sold it when it was around 53$. On Oct 4, when I was it over 60$, I was regretting my eagerness but now that feeling is gone.
STOP CONFUSING VALUE WITH PRICES!!!!!!!!!!!!!!!!!
value does not matter in markets nowadays. value allocation is only a tiny fraction of demand/supply now.
algos trade on 2nd, 3rd, ..., level anticipation. it's all non-realized positions. castle-in-the-air times HFT times leverage.
of course economic outlook is shit. but as long as there are air trading spirals, you will see hot air.
use reasoning for your LT prospects. use crowd-surving for trading.
Frigging shorts and HFT ignore my dogs. Truly pathetic. One yields 8%, but has zippo volume. Guess I'm stuck with 2% a quarter.
Good news is that I made Money trading in Aug and Sep.
Took money out of my Brokerage account and paid off a Credit Card. YEA. Now that Money makes me the interest I would have paid.
That is why Wall Street will not let Retail make a profit. They just may use the Money to pay off the Bankers.
They have to keep them underwater in their positions so they will not Sell or Cover their Shorts and use the Money for something else. Like paying off the Bankers.
the only thing that doesnt "Let" retail traders turn a profit is retail trading decisions. I turn consistent profits in multiple retail accounts because i dont blame other people for supposedly 'manipulating' the markets. i make money because i effectively manage my risk, which by the looks of the comments here puts me in the extreme minority... considering that me and all my cohorts got together and planned fridays short squeeze to 'steal' all your money. it really is incredible the way people think about this. people lose money and all they wanna do is associate the blame on something else because they are unwilling to accept the responsibility for their bad decisions. the quicker you understand that, the quicker you will be a profitable trader that will not have to worry about things like "short squezes", because they dont exist!
Just blame the banksters and the Fed and the ECB and the JNB and everyone else that caused the stock market to rise sharply in the face of insanely huge short bets by fuzzy-cheeked quant geeks who were in diapers during the crash of '87.
We are at the top end of the range. Nothing but a rumor (now debunked) brought us higher, 150 handles! Nothing changed in Europe. Greek will default. Others will follow. States here are defaulting. dominos falling. Econ #s are light to say the least, no where is it screaming growth. Only pikers buy 1220. We will see 980 s&p and soon.
Anyone think the Short Squeeze is because Earnings are not going to be very good? So, they squeeze the Shorts to get out of their positions before earnings.
Shorts may end up being right if they can stay solvent before the rug gets pulled out before the earnings release.
AA missed. Goog, well, we all know they underestimated the estimates so they could beat. We will see, but I think earnings are not going to be that good. Consumers are not spending.
who the hell is "They"... dont you get it, there is no "They" because the "They" is all of the combined actions of the market participants and that means you too.
Market makers would mysteriously squeeze shorts?
Who the hell wrote that garbage? Whoever it is is a dumbfuck who doesn't know the first thing about making markets.
We market makers got squeezed along with the rest of you punters.
well, and then there are the inofficial market makers with more sophisticated algos, more collusion and a prop-desk-like bias capability. If you got burned, get real and either get a lobby for honest market making or take another job. It is not that surprising that the market maker function has moved from a merely coordinative to a risk-function. With granted risk, anyone could play out a no-risk agent, especially when assuming collusion.
Rainbow convergence on long term moving averages
Run from touch of middle of the range to the top of the range (1280 SPX and VIX around 22)
Touch of 200 month MA and 10P ricochet - very rare and completely consistent
Percent of stocks under then and now over their 50DMA
Must close green year
If the world does not end the end of the world trade gets hammered
Zero Occupy - on a long enough timeline everyone is transitory
Long LVS?
CRAZY that every bad news is actually inpriced.. no reactions from the downgrades really?
Oh yeah, Blow Me. http://www.youtube.com/watch?v=UI2FolId6CA
Damn, there is more porn on this thread than I've seen in awhile.
He_Who Carried...is definitely the winner here. Nice set of tits indeed.
Interesting Ja!
Playing in this rigged market really sucks. At least in a rigged casino there are hot prostitutes.
The only prostitute in the rigged market is Benny, and Zorba don't go that way.
As I said before, my theory, it is banks against the world (especially the prime client HF short biased clients). I have recognized in the live price/volume dynamics something that can only be explained with HFT market makers having a destined long bias.
Well, banks need a bull market to survive. Let's say, with the just started trade war with China, politics and banks are in the same boat to wish for a bull market, ideally relatively stronger bull market than abroad. So, the large banks with their HFT de facto market making activities invest some (major, politically backed) budget into defending the price level. With every harshly beaten down attempt to the downside, anyone with an intention to sell, will gain confidence and remain or newly allocate to the long side.
The price(volume behavior I have noticed was the following:
If markets started to falter, a .3 to .5% move was accepted so any to show anyone, here is a downside momentum you want to watch and realize how it is taken up in the market. Then, out of the sudden, against any regular momentum behavior, the selling would run into a support, try once, twice, only to realize that there seems to be endless buying power at that level. From experience, that may occur, but not in a similar fashion in a 7-day 12% rally. Usually, the buy on dips price/volume behavior changes notably from the very bottom to a short-term overbought level. This time, it is different, and you could not create the required volume each time, if it was not a coordinated approach on market maker level. Also realize that this only occurs with downside momentum never to the upside. Developing upside momentum in the past week is always followed by totally blinded trend-following, no matter at what resistance or overbought level.
You even see, tactical behavior by short-biased algos outplayed with endless buing volume kicking in at HF level over ten to twenty minutes. The buying volume appears not to be announced, as short mementum is slowly and carefully built up and tested by shorts, nothing happens, once they start selling down with volume, the countervolume immediately appears. Once the shorts pull back, the volume vaporizes, only to burn the shorts egain if they start another attempt.
And with all the collusion happening, what is so unthinkable about the idea that Timmeah this time gathered the fraudsters at a roundtable to suggest to them to commit to an overall long-bias in their market making activities, arguing that anyone betraying this would be recognized and be punished both inter-bank and by the government. Besides, there would be no risk to it, as the collective action would prevent major harm from the banks.
With such private but elite-internally, collective commitment, each bank would have both an incentive and excessive cost imposed on betrayal.
I have become pretty confident about the idea since I first noticed the market behavior about ten days ago. It has proven ever since and, logically, it makes perfectn sense. With all the neural algos, a pattern of starting downside momentum, quickly abrupting to be followed by a larger upside move, often with the backflip from them low momentarily killing any short profits at best keeps algos from shorting into the move. The very anticipating algos, with the recent 100% probability of such patterns would kill such downside momentum in its very beginning. Reminds of mafia in hollywood productions, an offer you just cant turn back.
I will further analyze the short interest and if their change with time at all reflects the continuous and constant short-squeezing. From experience, the short squeeze theory does not make sense either. A short squeeze typically gathers momentum and goes parabolic with its total effect depending on the short interest. But you never see a gradual short squeeze with shorts being hit a bit every day. In that case, it would not be a squeeze and shorts would react to it.
At last, we may now realize why the regulatory body was not so hard on HFT trading. In the hands of banks, HFT now provides a well margined core fraction of the market, capable of moving the market to the interest of both the political establishments and the banks themselves. ( I will not argue how GS market making in CDO/CDS markets in the '08 first ignited the fire, then pulled out the prime brokerage clients with a short bias by artificially vaporizing the smoke and lifting the bid to trigger margin calls only to load on the short side and then pull out the bids to crash the market.)
Would be such a great idea if only that did not occur opportunity costs at banks, totally derail any confidence in the market mechanism for good and only temporally hide the weakness of the largest market participants and its constituency.
Has anyone else notices such price/volume behavior especially in ES and often directly following a starting downside momentum or a beginning crash into the close?
I would really like to see the market maker and HFT books at GS, MS, Citi, BAC, RBS, Deutsche Bank and Barclays. Did they increase their net long position over the past ten days and did they so in collusion? All of them doing it in parallel would statistically suggest some kind of collusiuon and manipulative use of the market maker function. If so, it adds another very critiical example to the weakness of Dodd/Frank. The hedge execption is not so critical, the market making exection is. With the gross trading volume, you may be able to explain any net bias as a tactical means for anticipation of liquidity demand to one side. Certainly, such collective action as occurring right now, would add prove to that argument, as the price can only move into the direction of all market makers as the jointly increase their bias to one side. Market making needs to have biased exposure caps, varying with the volatility in the market. Any market making needs to be decoupled from asset management. Due to the uncontrollable moral hazard of manipulation in market making, that actually is a function that should be handled electronically by state agencies. Theoretically, it just never leads to a positive welfare effect, if you let one side of an exchange entirely control the the conditions of an exchange. Monopolizing that exchange only lets participants unwillingly take part and hope for the moral rightness of the preferred party. Actually, everyone knows, though, it won't work out this way.
It's the bots
http://calibratedconfidence.blogspot.com/2011/10/4-for-4.html
Quite a few are discouraged by these stock markets. And a lot of bad news floating around. But shorts are covering. Enough shorts to cause quite a rise in the markets. If the price gets too high then some smart guys will sell. Until then we will just have to watch the quality of the selling. If there actually were big players wanting to get long, it would seem foolish for them to buy at the same time as shorts are covering. There has been a lot of volume in the financials over the last couple months, to the effect of a sideways price action on many of them..... Accumulation? Time will tell..
gh
If it had been short queeze days all along, we would see HFs falter day by day, but we don't. Analyze their allocation and realize it is not a major short covering.
I don't even want to guess to what extent shorting US equities in July provided the firepower for driving EU sovereign CDS markets. Heard rumors about HFs creating endgame liquidty. Would require pretty risk-blind prime brokerages, though. Never understood, how anyone could accept such a hedge carmouflaging of leverage. But I guess in someone's correlation matrix, the historically risk-free Eu sovereign markets were not linked to US equities.
The problem is: Price is Price doesn´t matter if the price is payed with or without volume
Hey 5peculator- nobody gives a cent about your trades. Instead of talking down other people here who have some valid concerns and wasting everybodys time, if you are so good go raise a hedge fund and get in the game otherwise STFU !
hey zola go fuck yourself. i was addressing the lack of understanding normal people have in regards to their perception of the market. you dickheads gave me shit, now im just giving up on you losers and letting the sharks have at it with you. like i said, keep addressing your concrens by blaming your problems on people like me who are doing nothing more than earning a living everyday trading the markets, in THIS GAME. id rather be part of the 1% that can feed their family, you guys seem to like slopping it up with the pigs. go 99%, You are the 99!! assholes, this site is for retards.
Don't get mad just because somebody is calling you out on being a poser.
Your game doesn't work on ZeroHedge because people are smarter than you here. They see through your BS.
Take your act to the Yahoo Message Boards where a slow sheep might follow you around for a week or two before they too figure out that you are just a poser in need of attention.
you know what, you're right. it was a short squeeze. a group of rich people got together and decided to go stop hunting on friday so that they could take your money while you traded the market. how dumb is that market for not obeying the rules YOU set for it. Everyone here is totally right for being mad at the market for not listening to us and going in the direction we wanted it to go in. wow, im so sorry, what could have come over me, i dont know what i was thinking... im a poser sitting on 160% returns trading the forex markets... go look at www.currensee.com and look for my symbol: thspx.a that account alone shows gains of 50.5% i can prove my game. you can't. and im not even selling anything... what do you got up your sleeve? oh thats right, your game is to prove that your right. your game is to make the market go in your direction. makes perfect sense. no wonder 98% of people lose money trading the markets: they read zero hedge
Awww... Is somebody desparate for some validation in their life?
You won't get the back pat you are seeking from me.
i cant believe there really are people who act like you. youre pathetic.
Pathetic because I see through your charade?
Or pathetic because I'm not giving you a pat on the back as a reward for your obnoxious, feigned confidence and trading skills?
pathetic because you provide nothing of real substance to any topic... go pat youself on the ass for being such a visionary
i was under the impression people on this forum would have wanted some insight into the strategies that really work while trading the markets... from someone who isnt charging a dime to tell it to you... at the end of the day though all you want to do is pay someone to give you a secret while still believeing there are evil forcing manipulating the markets causing a short squeeze.... believe whatever you want man. your positions lost money because a group of rich traders went stop hunting. have a nice life living in your fairy tale worlds...
Wiping accidental double-post.
SP500 / DOW daily charts remain choppy but bullish.
A reminder that SP500 / DOW weekly indicators now give bullish warning and when confirmed, suggests significant equity rally this year.
Importantly, monthly charts remain bearish.
http://stockmarket618.wordpress.com
we had a double bottom in tlt, snd financial shares were close to the market low, so to me this move up is easily understood. Now just as of about friday, or monday we are at an inflexion point. I agree thee were some short squeeze elements on the latest move up, in my view anything with five up days and not two down days is a bit strange, and we are way over bought on the hourly macd. the only real element I can see of the manipulation was the drop thursday wasn't followed through a for another day (at least). but if tlt is a guage it's a real bottom in financials. the thing I don't understand is why the over all market remained so high, and why the us markets barely touched bear territory when all the others did. I've no problem with my buying of american financial, european stocks, and emerging markets (I just traded the weekly channels for the past (month?). short cover, reshort,
i think this rally could have legs, based on tlt.
It's just getting started. This reminds me of October 1999. The world was not quite falling apart like now, but it wasn't good either. The "financial crisis" from 2008 was still in the news as the after-effects were commonplace. Banks were performing like crap, but found a low.
But Tech however, it went on a rocket shot, just like has happened here. Everyone was scratching their heads as the rally continued going from overbought to outright bubble.
I feel this could be happening again here. Fundamentally, it makes no sense, but it wouldn't surprise me to see another 30% get added to the Nasdaq by year end......