Yesterday's Fake Last Hour Markup Eliminated

Fitting.

Let's watch the defense of S&P 840... again. Remember, it's not the intraday action but the close that matters. Quintuple bottom here we come.... textbook theory would say each time we hit this level it weakens it and we should go lower. But 'outside forces' seem to in play... or if you believe otherwise, a lot of hedge funds are in there defending the S&P 840 level ;)

I do see a lot of bullishness actually the past few days on sites I peruse for (a) Thanksgiving rally and (b) end of year rally. Understandably this is generally a very seasonally strong time of year AND one could argue a market that is down 40% should not go down 50% or whatnot and a rally should be at hand.

But this bullishness bugs me. Maybe these people are correct, but I'd think we rally when not so many people are looking for it. Oh well, who really knows in the casino anymore when the house is in there buying with the people. A 5% up move would not surprise me anymore than a 5% down move.

That said, I will remain leaning bear until this market proves otherwise with something more than these 1 day shooting star rallies of 10% that are just quant funds trading in and out. It has been so long since we've built a multi week rally I cannot even remember (July? August?) A real rally will have legs and allow people to jump on board, and not end within 48 hours. We haven't had one of those since the summer and until the next one comes along this playground is only for daytraders.

I guess nothing really matters until 3 PM anyhow.