THE MANIC MARKET
Courtesy of The Pragmatic Capitalist
- An impressive 1% move in the major indices today, no? No. The NYSE volume of 634mm shares (real-time) at 3:15PM almost looks like a misprint. Either everyone is on vacation or there is absolutely no conviction in today’s rally.
- The first time housing data misses estimates in the last few months and the media immediately spins it as a positive. Convenient.
- Are stocks simply moving higher in anticipation of the SEC’s final ruling on short sales changes? Naked shorts are definitely scrambling again….
- Am I the only one that reads the weekly consumer sales data? This week’s figures were nothing short of atrocious.
- The recent GDP data in Europe sure got people excited. Don’t be fooled, Europe isn’t recovering any time soon.
- Is copper telling me that my entire secular bear market thesis is wrong?
- The collapse of the beta trade didn’t last long. Like a bi-polar monkey on meth the momentum junkies jumped right back into the boat today:
