Enthusiastic Thursday – Dressing the Windows for the Holidays

Related imagePropaganda! 

That's what you are seeing in the markets this morning.  What do "THEY" want you talking about with your friends and relatives at the weekend barbeque?  They want you to tell everyone how resiliant the markets are and how you "can't lose" on bullish bets and how buying the dips is a brilliant strategy.  Why?  Because every good Ponzi scheme needs a fresh round of suckers to keep things going!  

Since our down days on Aug 17th and 18th, market volume has vanished and our "recovery," such as it is, has been very narrowly based – with just a few of the market-moving stocks taking the indexes higher, which forces the ETF algorithms to BUYBUYBUY – without the need of human intervenetion.

Here's a look at the volume on the S&P 500 ETF (SPY) over the past 10 days:

Date Open High Low Close* Adj Close** Volume
Aug 30, 2017 244.83 246.32 244.62 246.01 246.01 58,757,200


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