Zeev's Turnips Patch-No Politics (ZEEV)

[sarai]

Hi lurqer! IMVH not always "right" O, a fed cut now is worth nothing more than a "knee jerk" short covering causing a couple hour uptrend or another "one day wonder" at best.

We're in what I would call a "back to basics" market era because the markets are not behaving, technically, as many experienced technicians have been predicting. How long have skilled chartists and proven technicians been calling for an oversold rally, as charts would indicate? Many have called for a "massive" rally. Yet "one day wonders" notwithstanding, up days are anemic and usually involve "funny" futures activity.

IMO, there are three things that matter to the markets, and not necessarily in this order:

* Corruption. Bummer for Wallstreet, excessive greed killed their "golden goose" - the individual investor.

* Valuation at historic highs, by any metric.

* Economic fundamentals that are at best very sluggish.

I don't see how the markets sustain a meaningfull uptrend in this environment, but it's always nice to be long for the "one day wonders" and "knee jerk" short coverings.