Joe...
It was pretty obvious yesterday what was happening and why. AG is at a critical juncture for his gambit to reflate the economy through the equities market so he was in there for all he was worth. If the market cracks here, he is in trouble but if he can hold it up we will be going into the dead period that occurs just after earnings season and he should be able to get a ramp in the markets for several weeks.
The economic news remains very poor - the NY Fed survey was sharply down this morning, industrial production down, capacity utilization down, with the prior reports for each revised downward yet again -- what a shock that they would revise a report down <gg>.
The market is being held up either by the Fed or by gross ignorance. The odds for a strong second half recovery are about zero yet the market is pricing in a multi-year boom.
mlsoft
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