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What is wrong with this picture? I am neither bullish nor bearish at
this time. With the strongest seasonality push of the year and this is
the best that can be done leads me to worry that the January effect may
not be there. Will things fall because of earnings? I don't think so
because they have been reduced to such a level that it would be hard to
disappoint. Companies have chopped payrolls, inventories and written
off everything on the books that their accounting departments could
find. Slews of 144 sales are occurring at the end of this year for tax
purposes so there must be people making money or there would be no need
for tax sales at this time. People don't usually sell because they love
to take a loss. It is not the little old lady down the block that
appears to be trading at this time. Yesterday in the first 5 minutes
there where some stocks that traded between 10 and 15 million shares.
That isn't some old bitty in sneakers doing that. Granted there was
buyer on the other side of every one of those trades. Have a good week.
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