From listening to CNBC, the one unquestionable truth I find is that the blind are leading the blind.
Traders are picking and choosing a negative theme and using it as their basis of negativity. Its bullshit. They are not letting the data speak for itself. But hey, that is what creates opportunity. (I mean, AAPL going to 350, after they just finished their quarter, seriously? seriously?)
We already know the negatives: (in order to which they appeared :)
1st - Standard and Poor's down grade of US debt
2nd - EU bank run fears (which stemmed from the PIGS sovereign debt issues)
3rd - A drastic Chinese slow down
4th - America entering into a recession
These are legitimate negatives but for fuck-sake, the chatter and data has diminished these negatives, not enhanced them. (My previous posts highlight and link the data and chatter.)
I am not trying to be 'bullish'. I'm not. I am way to data driven for that nonsense. There were plenty of times that I took the opposite side of popular trades because the consensus was ignoring the chatter and data points.
Maybe today was capitulation day. The last 15minutes sure felt like the negative-momentum whores were scared. (Maybe because we re-gained technical support everyone can be 'less negative' for a day or two. They have become too bloody predictable.)