The volume and conviction has left this market. It is now so obvious that the U.S. Dollar Index is being played like a fiddle anytime the stock market begins to decline. The moves in the major indexes are very erratic. However, when the major stock indexes are in trouble the declining dollar will come to the rescue. Many traders are simply buying gold on any dip and leaving the rest of the stocks in the market alone.
Look at the action in Apple Inc. (NASDAQ:AAPL) today. Apple Inc. had two major declines intra-day that were very uncharacteristic of the stock. Yesterday, Progress Energy Inc.(NYSE:PGN) had a similar fiasco as a circuit breaker failed to trigger. Today the stock made a new 52 week high. Yes, we all know that hedge fund manager David Tepper on CNBC said that Federal Reserve Bank will save the stock market regardless of what happens, however, we did not know that he meant intra-day. It is very surprising to see this type of action from the powers that be. Are these guys at the Fed not mathematicians, statisticians, PhDs, and MBAs? All I can say is that this story will not have a pretty ending when it is all said and done.
