Daily Market Brief

Dining at the “V”

The other day I talked about V cups facetiously. This morning was a repeat of this pattern that has dominated markets now for months:


The message: Buy any down, it doesn’t matter what or why who cares just buy. In other words, be as reckless as you possibly can be and the market will reward you. It will always be lifted. Some simply say it’s a bull market, but that’s not the truth otherwise there would be eager buyers en masse. There aren’t. Volume is dying and remains below an even more pitiful average that pales in comparison to what the stock market used to be. The 3 month rolling average daily volume on the $SPY is a low 118 million shares. Since April 15 we’ve only had 2 days above it:


And so the most complacent game of musical chair continues, machines gaming the human stops, pinging their equations against each other with the end result always the same: Programs dining at the “V”.

The oddity of it all is not lost on the seasoned traders: A market disconnected from all that is happening in the world. Reality be damned:


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