>>I mean, at some point, it's got have taken on a "life of its own", eh?<<
Hope you don't mine me saying something here. What surprising me at this point that I am still not seeing any signs that this market has taken on a life as it's own. As I have mentioned, I watch the daily tick like a hawk. I do not see any sustained buying without a buy program to pump things back up again. Also I have noticed that steeps falls in the tick last but a minute or two before they are pumped back up. There is no follow through (or very little ). What I see on the daily tick charts is a chart of sharp peaks and valleys. This is very abnormal because a market they was moving freely would not behave this way. In a "free" market you would have more drifting and the tick showing signs of uncertainty. What we see is a series of very bullish and very bearish behavior with very little of the in between.
How I read this is that someone is trying to push the market up to a point where the market will take on "a life of it's own" and still can not find any support. Yesterday was another classic. Buy program after buy program to move the market with no follow through. A "balanced" market does not give you a jump in the tick of 200+ basis points on the one minute chart time after time. What you end up with is a series of green poles with red pennants. That would be a heavy buy program followed with a stright up bar on the 3 minute chart followed by gradual selling off - only to be followed again with another sharp buy program. I question why more don't question why buying shows up in gap opens and in just 1-3 minute time frames troughout the day.
Interesting note. On several of these big up days I have counted the 3 minute bars on the nas nms tick, dividing them by green and red. Everytime I have suspected interevention I have counted more red bars than green in as much as a 60/40 ratio. That's not normal bullish behavior although the results suggest otherwise.
Joe
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