The notion that a Dow in the 10,200s is a BUY SIGNAL continues today;
...despite the fact that bonds are plunging and the new GDP numbers almost gaurantee much much higher rates next year...
But the Street only reacts to the immediate number...there is no "long term" thinking allowed on Wall Street these days. Yes, the run up today will reverse next week...but the sole purpose of the markets nowadays is to KEEP THE DISTRIBUTION GOING!
Basically the Dow can do anything it want's as long as it's stays between 10,200 and 10,600...! And as we see every day now...it always does!
Ultimately, this market is going to have to break down... There is simply NO LOGIC behind the current action. Sooner or later, the Dow will break below 10,000 and stay there.
Only then will the NEW TECTONICS of the Global Economy be allowed to take over the US markets... Something big is coming and the powers that be want to hold it off as long as possible.
Perhaps a really bad Xmas selling season will be the FINAL STRAW... Perhaps some political or geo-political event? But you simply can not live by brokerage upgrades, creative accounting and spin forever...!
SIMPLY PUT, SOONER OR LATER MACROECONOMICS WILL OUT THIS MARKET... EVERYDAY NOW WALL STREET "PAINTS ITSELF INTO A CORNER" A LITTLE MORE...AND A LITTLE MORE.
