One of these days we will have stock prices worth buying again. In the meantime this is a thinly participated market, with a handful of algo sharks churning away, chumming the waters for the desperate and unsuspecting. So long as the bull-case rests on more central bank tricks, while the economy and demand turns down, we can tell that we are no where near good value yet.
Bloomberg’s Mike McKee discusses the lack of volume in U.S. markets and how global markets are basically in a holding pattern, waiting for Federal Reserve chairman Ben Bernanke to speak later this month in Jackson Hole.
Makes sense: the 99% are needing to raise cash to pay bills. They have lost money in equities now for about 15 years and are starting to catch on that they are being abused. They have lost faith in what has become an increasingly rigged system. About time.