Hi Gleno,
I've seen your posts re guru and liquidity, and I can't say I completely understand.
If what he means is that there is buying pressure manifested by net cash inflow into the markets, well I'd have to agree. And, that unless and until we see equivalent or greater selling pressure (reverse liquidity?), the market cannot and will not correct in a significant, sustained fashion IMHO.
I don't know if he means this or not, but the implication I glean from the posts about liquidity is that it is a somewhat artificial, non-fundamental means of propping up a market that should otherwise fall based upon some other more fundamental forces.
If he DOES mean that, then I would strongly disagree. I know of no other force in a market more fundamental than the relative balance between buying and selling pressure, which in turn is a direct function of cash inflow vs. cash outflow.
Sure, many other forces can and do temporarily manage to circumvent this most basic driving force (just ask any MM or Specialist who's livelihood depends upon that!). And again, maybe I am misinterpreting him, but I think it is woefully misguided to trivialize such things.
WS
Market Data 
Markets 
AI
