What has kept this thing up in the face of that is the absence of sellers.
no sellers, but not many buyers either. from richard russell tonight:
Yesterday, Lowry's Buying Power Index sank to its lowest level in the last five months. Based on upside volume and points gained, there's very little interest in buying stocks at these prices and at this time. The S&P has been in a trading range ever since mid-June. The "action" has consisted of buying one group and selling the other group. The action has been based on the kind of garbage you hear on CNBC regarding such and such a stock "beating analysts' forecasts by a penny," or this or that pharmaceutical stock coming up with a new product for curing halitosis. Or for a retail chain showing store sales up 3% over a very poor last year." As for real values, as for dividend yield, that never comes up.
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