Locals normally fade the papers and since papers have been heavily short, the locals have been heavily long. Hence if there are no paper selling, the locals often have the ability to bid the market up just by themselves and eventually hopefully sell to paper buy-stops.
I see new lows ahead.
fundermentals are changed.
we got so many bad econ numbers, existing/new home sales, durable goods order, GDP,,,
6/22 big red bar broke ma200 - "decisively"
6/24 another one after 6/23 FOMC's cautious tone - "confirmed"
6/29 huge one after G20 (deficit restrain beated US stimulus proposal) - "an accelerated train"