The rally was contained at the 1120 level (for now)....Interestingly Goldman is coming out with very negative macro research on the US and global economy - which normally would make me thing that they are long and are trying to trap sellers but all of the other houses are still embracing the stupidity of "no double dip" so maybe GS is telling the truth?? George Costanza's double dipping will prove to be less obvious than this economy's coming double dip.
Gold is telling you that fiat currency's are done. Tbonds are for now the home for safety....
The lack of intraday volatility is just nuts - the risk on and off moves are hatched overnight with either 1% up or down and all day the rebate collectors just run their algorithms robbing the market of true trades. I know some smart guys who are bullish here but Im not sure why......I think the bald guy on CNBC is becoming just laughable as is that entire network...really how do you make sense of a market in the post apocalypse where computers trade all day to collect liquidity rebates - if you don't think its big money consider an article in Forbes this month that describes an algo traders 300 Million dollar investment building his own line from Chicago to NYC so that he could be 3 milliseconds faster than other traders...http://www.forbes.com/forbes/2010/0927/outfront-netscape-jim-barksdale-daniel-spivey-wall-street-speed-
war.html
And here I am actually trying to say ok Id like to be long WYNN and short Las Vegas Sands....idiot, fool, imbecile.
Anyways I think the super highbeat heroes, NFLX,CRM,PCLN, are due for a nice little smackdown - we shall see - we shall see.
JB
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