16000 crossed 9x today.
That was a nice call on 16K you made earlier. The fed is the only thing between DOW 16k and DOW 3K, where it should probably be about now. I'm pretty sure they'll keep it above 16K today but they're going to be busy tonight wondering what the hell to do in Asia and Europe. Every time the DOW dips, someone is moving significant money out and the fed is pumping money back in using one of its many hidden channels. I wonder where the money that's taken out is being parked.
Yea I know.. its funny in 2011 pretty much it was BOTS and banks trading at the promise of the fed backing them and the market tried to crash so many times but was bought with big volume everytime... like a hidden hand... fundamentals were pretty rough then... however as fed bought (and now owns most of the market) they have to distribute somewhere too... and wonder if they slowly did as it rose. Now that they stepped out of asset purchases there are no buyers left and any bad news shows the real intent of the market (to dump).. until magic wand comes back... its just like currency intervention, until there are enough shorters to make money off of for big fish to eat them up it wont rise. Once shorters come back with margins... it might go back up... right now I think they aren't shorting thinking there is support so I think there is room to go down still.