Tonite’s Open Thread:
You gots to admit it: These markets simply refuse to go down. Whether its POMO of the PPT o9r just natural buyers, there is a very firm bid underneath.
Look, I am not saying this as a rampaging bull. We are now down to 33% cash in our long short accounts. The more wood we deploy the more I expect a correction or other surprise.
But goddammit! This market is resilient.
Wednesday was a perfect example: Down 150, off nearly a 1% across all indices. If the bears had any mojo, they should have whacked that bitch down another few 100, for a down 300 point day. That would have been the start of something scary. But the markets reversed, and closed off marginally. Then on Thursday, after opening up strong, we reversed into the red. Once again, the Bears had a chance to press, and drive equities lower. They couldn’t.
What is the bid beneath? How long can this go on for? Willt he end of the Mutual fund year (October 31) end the window dressing? Will the election be the peak? Year end?
What say ye?