It is hard not to notice the similarity between the S&P this morning at 4 a.m. (New York time), and last Friday, when market went down 2% after a 1% down open.  How it must have given hope to the chronic bears for a replay, and how like the market to give us terrorist news from London (an explosive device was found) to shake all the weak bulls out of their positions. This was all to try to offset the fantastic rise in bonds, to within striking distance of the round number (5%), which has been diffusing bearish arguments, forcing them to focus once again on the sub prime situation, which is getting a little gray in hair and long in tooth by now.

All remaining bearish hopes, are that they will be able to club together, and belt the market down in the last few hours of trading, on the last day of month. How feeble all of this is, now that we can see clearly that the market is down a mere 1% for month, and the bears have played so many cards, over and over, without being able to bluff out any but the poorest players in the game.





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