Higher for 13 days in a row - today for almost the whole day looked like a down day but in the last two hours the markets pushed higher to close the S&P up yet again. Today bigcap tech was absent from the rally - I perceive an incredible lack of liquidity in the markets - has anyone else noticed that the S&P mini contract is now 50 cents wide occasionally? Whats up with that? Look at the moves in BIDU and GOOG today - so since this talk about GOOG leaving China BIDU has rallied from about $390 to $580 today - would you say its starting to be cooked into the cake?? But yet today it was up another $28 dollars on a WSJ story that GOOG is 99.9% leaving the Chinese market....havent the algos ever heard of selling the news?? I guess not. Tuff to make sense of it all - real tuff......Obamas war on shortsellers I would say has been an amazing success - vols have been crushed, puts have not been in the money in months...stocks are kicking everythings ass. I guess the old line of "its stuff to fight city hall" was made for the past 9 months of government sponsored jigginess in the market. Tomorrow the fed will say nothing as usual - as they continue to run their hedgefund and are rather enjoying the zero% fed funds rate - I would love to be wrong - I would love for the fed to say we are going to tighten - love it - Bernanke is to stupid or maybe he knows just how shitty the economy really is so he knows inflation is nearly impossible as there is no end demand unless of course you manufacture IPODs, IPADS or IMACS. Anyways in the immortal words of Art Cashin "stay very nimble"
JB
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