The PPT can certainly support the market in the short-term. But the more they do this the lower the final bear bottom will be IMHO.
With VIX around 36 looks like the market has room ro run considerably further if no really bad news hit. But I still expect the lows to be retested at the very least once this 'war rally" peters out. Those looking for a rerun of 1991 are going to lose big time IMHO.
Wasn't the key deal the one made with Saudi monarchs, who indicated over past two weeks that 1) would pump lots of oil to make up for any Iraq shortfall, and 2) comfortable with $25 barrel for OPEC? Recall last years plunge was Venezuela stops pumping, fear of war in mid-east, west coast dock strike, etc.
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