Yay 11K, we did it!!!
I think the only person more fed up than I am with this nonsense is David Fry (his chart with my note on volume), who summed it up nicely saying: “There’s no need to make this stuff up anymore since end-of-day stick saves are right there and in your face. No pretense or deception is necessary anymore. When you have “other people’s money”, including the taxpayers to work with; you can do what you wish and not be called-out on it. Who’s going to do that anyway, the financial media? LOL!!! Anyway, the media got the headline number they wanted and Main Street is no doubt impressed… Monday’s volume was pathetically light; so managing the market higher was easy for those who could. Breadth was positive per WSJ data below.”
It’s all about S&P 1,200 now that the Dow has made it’s magic number. As you can see from the chart, 1,200 is not even proper resistence, it’s just a stopping point that should not take so long to resolve in a proper rally but, then again, a proper rally usually has volume and we’ve had none at all – especially when you consider that of the entire NYSE listed volume yesterday of 4.6Bn shares traded, C, ABK, BAC and FNM made up 25% of the trading. With S, GE, FRE, AA, F and RF adding up to another 10%, that leaves just 3Bn transactions spread out among the other 4,000 listings. The bottom line is volume is far, far lower than it appears and it appears to suck…
IN PROGRESS
