I have written countless times about the intervention in this market. How a retail trader can become brainwashed by the headline news, only to be blindsided by the 2-3%+ market squeeze ignited from some more can kicking by the powers that be.
One only need to look back to November 2011, to see the last time a floor was put into equities via the World Central Banks. This time it was Europe backstopping banks and it's countries serious debt issues. You see anyone talking about Spanish 10-year bond yields anymore and Spain's unsustainable debt level? Any more rumors of financial ruin for the eurozone?
The summer should provide for some quiet trading and a melt to the upside. There was some doubts to that thought 2 weeks back, when the market volume was telling of a possible break to the downside, but we remained bullish above the $SPY 127.90 level.
Hope folks enjoyed the 'SHAKE", now it's time to "BAKE"