A 900 POINT DOW SURGE...ON 1.8 BILLION SHARES SOLD...?
WHAT'S WRONG WITH THAT PICTURE...
CLEARLY THERE WAS NO EPHIPHANY ON WALL STREET TODAY...
THAT 1.8 BILLION COULD HAVE COME FROM SHORT COVERING...RETAIL SUCKERS...OR...DAYTRADERS TRYING TO CATCH AN OVERSOLD SNAP BACK POP...
NONE OF THOSE PEOPLE CONSTITUTE A REASON TO THINK THE WORST IS OVER...
IN FACT, THE MUCH PRAISED EUROLAND "SOLUTION" OF NATIONALIZING THE BANKS COULD BE THE MOST ANTI-WALL STREET THING YET...
CLEARLY THIS WAS A DEAD CAT BOUNCE....DESPITE THE EUROLAND "ACTION"....WHICH IT NOW APPEARS THE US WILL "PARROT" TOMORROW WHEN DUBYA CHIMES IN AT 8am!! GOD HELP US...
EVERY TIME DUBYA TALKS THE MARKET PLUNGES...AND TOMORROW COULD BE NO EXCEPTION...
IF THIS WERE A TRUE "BOTTOM" THE VOLUME WOULD HAVE BEEN MUCH MUCH GREATER...
SO I AM NOT CONVINCED THAT TODAY WAS ANYTHING BUT AN OVERSOLD RALLY...UNDER "HOLIDAY" AND THIN MARKET CONDITIONS...
TOMORROW SOME RETAIL SUCKERS MIGHT JUMP IN...FEARING TO "MISS THE BOAT"... JUST IN TIME FOR THEIR 20% HAIRCUT...
THIS THING AIN'T ANYWHERE NEAR OVER... AND I'M NOT SURE ANYONE KNOWS WHAT "OVER" MEANS IN THIS CASE...GIVEN THE MASSIVE CHANGES IN THE LANDSCAPE CAUSED BY THE TSUNAMI OF LAST WEEK!!
