Market Update - more panic...

Ironically on the day that the Fed, I mean JPM reports earnings, the financials produce bearish action on rather not bullish volume. The shorts are non-existent and are now certain that POMO and QE will work to run over them with eighteen wheelers. Yet the bulls feel safe while the market has moved essentially sideways for 28 of the last 30 days. There have been very few trend days and even today closed near where it opened - that is not bullish! However, it is classic behaviour for a cheaply manipulated market (by a bunch of charlatans masquerading as Bennie and the Bets) as its much easier to move overnight prices than intraday prices... When you bankrupt the shorts there is another side effect - NO BUYERS ON THE WAY DOWN. Bennie and the Bets better have their dancing shoes on - they will be the only buyer left.

It may not be popular to be short...but from my vantage point...I hope that we remain at these levels till the end of the week so that the weekly systems can add to their positions short. I am not optimistic that we will be able to remain at these levels and feel that a cascade lower could happen at any minute - regardless of the perception of Fed support and intervension in our non-market markets.

The common theme right now is, Economy bad - Gold up, Market Up because of QE. Economy good - Gold Up Market Up, Economy stagnant - Gold up Market Up, Bank's broke - QE, Fed, Stimulus, Gold Up, Market Up...and for heaven's sake that Cramer guy is a raging bull again...so, I guess BoooYAA is making a comeback and Gold Up, Market Up - No worries! Yes No Worries. These are manifestations of a top - not a bull market...the bears even buy into the above thinking. People are bullish - plain and simple they are ridiculously bullish and at the same time they feel negative. Perceptions of prices do not have anything to do with overall feelings of well being...therefore this market full fills two criteria - most people are negative regaring their wellbeing, yet positive about prices and socialised intervention supporting inflation asset prices.