Under the Crust
posted Aug 1, 2004 at 02:05PM
The index looks a lot better than what is really going on.
Those with a conspiratorial bent might suggest that the PPT is propping up a few key issues while letting the majority of the market correct.
My intepretation is that as liquidity is being sucked from the larger market, what liquidity remains is drawn into the heavier weighted components with relatively high trading volumes. To me it is only a matter of time before even the higher quality names start getting hit in earnest.