Themis Trading's Joe Saluzzi once again points out the flaws in the all clear psychology, and that if only we can break 1,150 on the S&P (which we just did), we are headed straight to 36,000 on the Dow (although as we are now in a fully blown melt up as we pointed out last week, we very well might). As Saluzzi says, we find ourselves in a "A momentum driven, fragmented equity market. What we see is a very lite volume morning normally, jacked up really fast by a couple of programs that come in, and then you get this churn most of the day. There is not a lot of conviction out there." And the reason why the market closed above 1,150 (1,150.24 on the last print to be specific - what a computer programmed joke) today as a last minute buy program ramps up: "This market is built on lies and rumors." (a topic previously discussed on Zero Hedge). Technicals and algos rule, and the Fed will take care of all the rest. And the faster one's reactions (on the exit button)the better, which is why if one is an Xbox gaming champion and 18 years old or younger, Getco and Goldman will hire you on the spot. According to Saluzzi, this observation has lead to a new nickname: this is now "the Jason Bourne market, because when he goes into a room, the first thing he checks for is where the three exits are. How do I get out. That's what investors are doing."
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