"They" and/or the Elliott wave and crowd emotion jacked up this market to between 50% and 61%. Funny how Bernanke was pimping out the market the last 2 days. When was the last time we heard "the problem is contained, there will be little spillover"...hmmm housing market, sure glad that didn't hurt the economy or wallstreet. But the joke is the Bernanke conditioned his comment that Europe would not spill over into America as long as Wallstreet was OK. Huh? Blatant manipulation and lies. Wallstreet and the economy are hardly attached, but fundamentals drive Wallstreet rather than the other way around. Bernanke implied that it was the other way around, that Wallstreet could save Mainstreet. Before growth can occur we need at least 2 things---a reasonable level to grow from, and ATTITUDE change.
UPDATE
This ramp put one of my accounts into a futures margin call. They were screaming...send us money TODAY or we will liquidate you. Yeah, we will see how that pans out--if may need to transfer money over to Interactive Brokers even though their trading platform is not as user friendly. TOS is now Ameritrade (really the transfer just happened weeks ago, amazing timing, but they can no longer be trusted--they are the establishment of financial entitlement.) They didn't liquidate my positions, and I didn't send them money, and the accounts bounced back nicely. I also didn't get stopped out, but a maybe 3 points over that 61 Fib they would have probably got my "uncle cry".
That HBB sure got game, but they don't get up early enough in the morning and they go to sleep too quick on the way to the Hamptons. They won't do well when the spell of entitlement and connectedness get wiped off their silly Hummer driving faces by the reality that is coming. whew----a rant.
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Insightful and Useful Comment!