Another day where there was no volume and a buyer stepped into the close to propel the markets higher in the last fifteen minutes. Most of the time I don't have any opinion on where the market is going in the short term and this is one of those times. We may go higher, we may go lower, who knows, and I don't care all that much. The economic news was dreadful, more dreadful than usual, especially if you consider Europe's news on consumption and exports and then the revisions in previous months for the U.S. data. The market actually did fairly well considering all of that. The lack of volume said there was no sellers, there was just no buyers also which caused the market to head lower.
Outside the short term, the tension continues to build. Eastern Europe problems continue to build and with mortgage rates over 5% another host of problems are being created. In my opinion, it is just a matter of when not if this all finally blows and lower we go.