"Great markets you can't buy, lousy markets you can't sell."
What about tomorrow (for the 100th time I have been asked today)?
Stocks are being sold as a source of funds...you need to break the pattern.
There's an old trader saw: "Great markets you can't buy, lousy markets you can't sell."
Traders need to think that some kind of bottom has been put in. I think you need to see Europe stabilize. You need overseas markets to have a semblance of normalcy.
A good sign would be Europe down early in the morning, but not down much — maybe 1 percent or so. If it's down 5 percent as we go into our (US) markets there will be little buying interest here.
Coincidence? I don't think so.
The current market cap of all stocks in the United States is $14.6 trillion; the current debt of the United States is...$14.6 trillion.
Rod Serling should be Secretary of the Treasury: "You are walking in that shadowy, foggy world that exists between the light of debt-free living and the darkness of QE 12, a world we call, 'The Twilight Zone.'"
Bookmark CNBC Data Pages:
Want updates whenever a Trader Talk blog is filed? Follow me on Twitter: twitter.com/BobPisani.
Questions? Comments? firstname.lastname@example.org