The market gaps higher and stays higher all day with the usual suspects leading the charge, AAPL,GS, GOOG....Its enough to make me wanna puke at this point. If and when we sell off all the people who didnt sell anything will say its a healthy pullback...but I gotta tell you the behavior of our markets displays to me that we are a manic nation - either the world is ending or everything is perfect (like the market rally we have ssen for the last 3 weeks). So if we get a steep selloff it might continue for a while. The trading in the SPUZ persists - extremely shallow selloffs intraday with a huge bid underneath. Who is always buying and why? Is it because we have a tremendous amount of poeple who are about to lose Jobless benefits and they will be on the streets? Is it beacuse the dollar is getting CRUSHED? Is it beacuse if you give an American $4500 towards his/her car purchase they will finally come out and buy a new car?
Im short the market and it hurts - but remember in 1929 after the big decline we had a near 50% rally - hmm wait didnt the nasdaq just have a 50% rally from the bottom?
JB
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