Market is the craziest I've ever seen. Last two weeks most stocks traded in lockstep. I didn't have any buy signals on my 2.5x2 and 3.5x2 screens. Looks like most of the trade was in ETF universe. Daily volume charts of stocks confirm that: volume during last half hour exceeds the rest of the day! Which means that ETF managers are buying or selling stocks en mass to conform to their models.
Short term, we are going to see some kind of window dressing. No idea how is it going to look like.
Longer term, I'm in a very bad mood. Everybody is talking about budget balancing, government spending cuts, austerity measures etc. Here is what I think about it. We are, at best, for a couple of years of depression, at worst, turning Japanese. Which would actually benefit, at least for some time, people on fixed income. Doesn't make me happy.
I am working on two articles right now, will publish this and next week. Please be patient.
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