No Sellers Anywhere

Futures up 6 - 8:40AM

Weakness in China
Japan GDP not as robust as usual
Crude Oil Rising
Unemployment Claims rising once again
July Retail Sales weaker then expected
America losing patience with Obama
Short Interest very low
Volume weak
Renewed fears of more Credit losses in Germany
Record number Of Bank closures/seizures across the country
No abatement in US foreclosure activity
Sharp rise in bullish sentiment

Futures up 6.50 - 8:42AM

All logical reasons for the market to correct, but its not because the there are no sellers at the moment. There is just no one around to sell. The machines are all programmed to buy, buy on weakness, buy into strength. Buy at all costs.

China which led the tepid global recovery with their stimulus, is showing signs of an overheated financial system. This market recently corrected some 20%.

The day the Shanghai dropped some 5%, was also the day the US Markets were set to drop some 125 points on the open, if did open much weaker, but soon reversed trend and flew higher on the backs of Crude Oil which rallied on the weekly inventory numbers. Lets get something straight, most people who follow crude much closer then I do, state that there was absolutely no reason for crude to rally the way it did on that particular set of news. The inventory news was no news what so ever. It was all momentum and technical trading. The fundamentals like I have stated before doesn't justify $75 oil.

tradersutra.blogspot.com/2009/08/crude-jokes-indeed.html

Technical trading factors may overtake the fundamentals if oil price optimists can get futures above $75, its this number the bulls want to gun for. Reaching that level could trigger short covering by market bears that could quickly get the price to $80 or even $85, where of course Goldman. Morgan, & Citigroup will be selling.

The stock market absurdly thinks higher crude is good, they are actually encouraged by it. But the trend at the gas pump is going the wrong way for any investor who's concerned about the financial health of cash strapped consumers and their ability to help spend the economy into a lasting recovery.

Lets just wait until September when volume comes back into play.

tradersutra.blogspot.com/2009/08/vix-is-telling-you-september-is-going.html

tradersutra.blogspot.com/2009/08/reasons-why-market-does-header-this.html

The global financial crisis signals the failure of American Style Capitalism. The worldwide financial system only worked because of repeated government bailouts and markets have been saved from their failures to re allocate risk unto ordinary citizens. Why are the only ones claiming "Moral Hazard", when normal ordinary citizens try to modify a mortgage, also the same getting risk re allocated to the public sector?

Markets are strong, when they get weak and much weaker. Heads will roll.

tradersutra.blogspot.com/2009/08/meltdown-soon-social-unrestrevolution.html

Futures up 8 - 8:55AM