"There is something profoundly wrong when we are seeing a proliferation of billionaires at the same time as millions of Americans are working longer hours for lower wages and we have the highest rate of childhood poverty of any major country."
Bernie Sanders, Portland, Maine, July 6, 2015
Stocks were flailing today on overnight concerns about China, and angst that the Fed did not raise rates, which everyone now says that 'they knew.'
It would not surprise me to discover that this is more of a 'technical trade.' The punters were betting on no change, and were going long stocks and probably overbought a little.
So the pros got the market set up for a smackdown, so they could make some short term cash on their shorts, and then pick some assets back up on the cheap.
For all its headline depths, the descent looked fairly in control to me. When I was in there today making a few selective purchases the Level II view was showing them gaming the hell out of the stocks, taking they down 100 shares at a time, and then scattering if anyone came in with real decent bid.
Their greed, and the hypocrisy of those who serve them, knows no bounds.
We will know this was the case if the stock market fails to break down from here. Right now I am thinking it is about 50 - 50 because there is no valid chart formation and too many people are saying the market is going to go lower. But China is a real wild card.
But it is probably a mistake not to be overly skeptical of anything going on is this lawless markets.
So let's see what happens.
Have a pleasant evening.
