A market that needs PLUNGE PROTECTION will get PLUNGE PROTECTION...
Today's news environment was a total disaster...and the future looks even worse. The retail consumer collapse is heading like a Tsunami from MAIN STREET TO WALL STREET.
BUT WHAT DOES THE MARKET DO...RALLIES LIKE CRAZY!
It was predicted here that the Wall Street Washington elites simply CAN NOT ALLOW THE DOW TO GO BELOW 10,000....AND TODAY WE SAW A MERE DOWNPAYMENT ON THAT BELIEF...
Of course there is the election in Iraq which should be on the markets mind this weekend...but Hey, WHEN YOU NEED PLUNGE PROTECTION YOU CAN BE BOTHERED BY FACTS!
Chances are the the market will bounce around in an EVER TIGHTENING RANGE...just about 10,000... Clearly, Monday will be a down day...unless the Fed Shills are willing to really spend big. But I'm expecting a RIGHT FACING PENNANT PATTERN....as the Dow pinches down to within 100 points of 10,000....
Then, at some point, there will be a break to the down side... It should also be noted that volumes have been heavy on these "distribution days" and that too is a sign that the smart money is getting out...
There is a certain desperation in the economy right now...as more and more conundrums develope short term...
