Journey to Lower

The collective energies of various economies have made the bear's journey to 'lower' a tough task. Whether it be global bank maneuverings or new announcements regarding cash infusions to aid stock positions, all have helped place a bid underneath the market. It is clear that parts of the outside world are awash in cash and the mortgage related sell-off in stocks has revealed an appetite to invest stake money, especially in the brokerage business. Whether this is all enough to stem the bear's prediction that the market has not priced in the coming downturn in the economy is yet to be seen. The bear has placed a few technical roadblocks in front of the bull certainly, (DJI 13780 and 13962, SP500 1526.5 and 1558.5) and failure to recapture at least the bottom of those ranges soon will add some downside momentum. The tech side of the markets has an easier path with much less resistance. A close over 2151.5 in the NQ100 will provide some upside courage for the broader indexes. The VIX however continues to wane as wide ranges have become the norm and bets that a range bound market will be the eventual outcome.