Thats what this market is. We rally the entire way back friday after an atrocious job numbers - on some whimsical hope that the fed can engineer magic tomorrow and then today after faced with "real" selling in a bellweather like Hewlett Packard the market still manages to close on the highs of the day after mind numbing trade all day. We have now rallied about 10-11% from the July lows and the market is a tame kitten. But why? No good reason. If we are pinning our hopes on Bernanke and the Fed to save us let us remember who put us in the crisis to begin with - THE FED. So people look at their charts and they say hmm - mkt looks good etc....but the market is so broken. Stocks trade at levels that alogrithms put them at - gaming the system in order to get rebates - the tape very simply is a nontruth. The same stocks all day, trade incessantly - why oh why does Las Vegas Sands trade every second of every day?? Not because of some major bull market in Vegas I can tell you that but because of the freakin rebates - I think rebates for liquidity should be banished - that is not a legitimate reason to make a trade.
There is no investment intent....none. Anyways the fundamentals are crappy but the tape is firm - do what you will.
JB
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Trading for a living is psychotic - it takes you to the darkest and brightest parts of the emotional spectrum - take a look inside.
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