China is back down at a 3 week low after another selloff overnight; glossed over yet again. We'll see if bears can make a stand for more than 1 hour tomorrow morning. Hard to bet on them - they appear neutered by the Ben and Larry Liquidity Show. (isn't that an ice cream?)
We had a streak of 18 out of 20 sessions about 6 weeks ago with either a gain or a drop of less than 0.5% on the S&P 500. Until today we are on a similar streak ... 14 sessions in a row. Truly remarkable stretches, with no material selloffs. And these two rallies came within weeks of each other, only with a short smoke break in between.
Even more sad, a -0.6% feels like a horror show. How times have changed ... -0.6% used to be considered a positive day a year ago. Can't imagine the horror if the market sells off 2% in 1 day. Might incite social disorder, especially from all those retail investors who finally switched over from bonds to stocks in the past 2-3 weeks. Not to worry, more Fed liquidity on the way - today's stock market results simply are unacceptable.
