Now I know

...why we rallied so strongly 2 weeks ago....$76bn in a week ! You couldn't make this stuff up ...it is quite surreal

 commentary from CapitalMarket vision,Keene Little (link on blog list)

 "The market feels heavy, especially when the Fed is not either injecting massive amounts of money or trying to jawbone it higher, and I believe least resistance is down. Expect downside surprises to hit and last. Upside surprises will likely be short-lived, such as this morning's rally. Until we see a break above the key levels, such as DOW 12650, I'd look at bounces as shorting opportunities rather than declines as buying opportunities. There's always the possibility for another week like the week of June 27th when the Fed injected $76B (the most since September 2008 right after Lehman Brothers collapsed) but that's not what I'm reading from the charts and that's all I've got to go by. Funnymentals does not make a difference when all market participants want to hear is how much drug money they're going to be given by the Fed."