Light Volume, Market Swings, and Wile E. Coyote.
The market again has trouble not holding near S&P = 944ish. But not for a lack of trying! We witness each day the interpretation of data to be bullish (whether we agree or not), and we witness each day the post – 3:00pm program buying. The volume is light. It takes little to swing the market. But no matter; she is tired. The market is tired. The market is Wile E. Coyote.
I personally feel it is like Wile E. Coyote: The market is unable to just stop before the cliff. She tries to slam on the brakes,but it matters not. She shoots out over the cliff, skidding, amidst a skidding audio track, goes out over the cliff for 20 yards, pauses, looks at us, and then drops.
We have been looking closely at the market for a month skeptically, and now she is looking back.