Continued Complacency

To their credit, the PPT (plunge protection team) did what they had to do prevent a crash. At least for the day.

As you know, I thought that a 75 basis point wasn't enough to put in a bottom, but so far that doesn't look like it was the right call. What I probably didn't anticipate or expect the rumors of a 50 or more cut again next week. I wonder what will happen if the market doesn't get those cuts, but one week in this market is a very long time!

To be sure, intraday reversals typically are very constructive for the market. For example, when Bespoke looked at the last 8 times this happened since 1982, the S&P 500 has been up +5.6% over the next month. That's an impressive stat and traders are going to put money to work on the expectation for that to repeat. However, I must again point out that.....[READ]