Boy, did I get that one wrong and the bad thing is I don't know why. By all the logic in the world things should have started off bad today and gotten worse: the day started good and got better. Nothing has changed but if you are going to point to one thing that stiffened the resolve of the buyers who came into the stock market this morning it was of all people Billy the Dud of the New York Fed who, while I am certain completely unaware, uttered the magic words, "Less compelling" when speaking of the chances of a September rate hike. Yea Billy.
Now a good deal of the advance was probably triggered by short covering on the part of people who were new to the game, but it was quite a performance none-the-less. And so, like the guy who went before me, I can now say when I make a mistake it's a beaut. But, to reiterate, nothing has changed, certainly not in the place where this thing started, China, and as a result nothing has changed anywhere else either. So, before I look again like an idiot, I'm going to stop and wait until tomorrow. Off the record, I have a feeling the events of today may not have legs.
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