This market feels heavier than it looks.
It is hard to judge 'sentiment' because the market is being almost totally dominated by a few institutions, a handful of very large trading desks, and a swirling crowd of HFT hit and run predators.
So given this concentration of power, the market can move in just about any direction that external events, or the lack thereof, may permit.
The 'fundamentals' are not in play, at least for now. And so the markets may continue to diverge from the real economy, until they cannot. And then the reckoning comes.
The Fed is absolutely NOT blameless in this exercise, as they were not blameless in the tech and housing crises past. They publicly denied there was a stock or housing bubble, while discussing them in private.
They just let their bubbles run their course without even taking the minimal actions which they possessed then as a regulator, which are much greater now.
Have a pleasant evening.
