Well, to add to it, this swine fly is now being talked about as a possible bio-terror 'test' gone bad in Mexico. Or, maybe not 'gone bad'. Maybe as planned.
But then again, you know how people get when things get out of hand.
That said, by all accounts, today should have been a bad day. But I think as Pisani said many funds are net short going into end of month and they are getting killed, thus covering major shorts for month-end statements.
Here's some interesting info to consider---
Look at the $NASI chart. WOW! Now, what happened today? The $NDX has led the market higher along with the $RUT. The 200 day moving average for the $NDX was 1391. Today, we hit I think 1398, then closed at 1382. The 200 day moving average is going to be declining for the next 6 months as long as it stays under 1800. A time tested technical index sell signal is when an index rises to hit a declining 200 day moving average.
Well? You add in the extreme overbought conditions and you got the setup for a selloff.
Will it happen NOW? Who the hell knows. I do agree though that much of that TARP money was NEVER intended for toxic asset buy ups. It was ALWAYS intended for liquifying market makers to make markets in stocks to assure the stability of the market. That money now is leveraging into the market to make up losses at the expense of short sellers being squeezed. TOTAL MANIPULATION! and TOTAL BS!
But it is what it is.
