One simple flowchart describes today's action: If Low Volume => Levitation, the same we had seen repeated over and over and over between August 2010 and March 2011. And to think that the combination of two insolvent Greek banks into one insolvent Greek bank was sufficient to catalyze this move, despite yet another day of bad economic news confirming that the economy is now in a recession. Fear not: the worse it gets, the likelier Bernanke is to announce QE3 on September 21. And if not then, there is November 2. And if not then, there is December 13, and so on. Bernanke may never have to announced QE3 - he just has to keep dangling the carrot before the market that one day, soon, he just may follow through on his promise/threat. In other news, expect CNBC to trot out David Tepper soon to explain the logic of it all yet again.
ES volume: 1.8 million shares: 1.9 million below average
Absolute perspective:
And NYSE volume:
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