MKT ACTION

> THIS is the kind of action IMHO that is trying to warn of at least the
> potential of something very very wrong.
>
> What is a market where neither long nor short have feet on solid
> ground? Where markets turn on a few words, rather than action, the
> action being rising rates where NO end has been signaled where the
> official CPI rate of inflation doesn't even include the cost of
> HOUSING!
>
> Well....I'm watching 1170 on SPX, but then even if broken....a few
> words might come forth...After yesterday's reversal....the market is
> selling off on the reality (weak semi guidance etc) and not rallying
> on the wings of a few words
>