What I would like to see here, is the market either 1. Give back a little over the next few days or 2. Consolidate here for several days.
IMO for this market to put on substantial gains moving forward, either one of the two things I just wrote should occur.
GM
Your only looking at a very small part of the picture. The Fed has put way more than 2.3 million into the markets. They are feeding the markets through government recovery programs, bank repo swaps, business and corporate loans, international loans and many other instruments we dont see. Oh; and plain old bailouts. I would suggest a read of the book "The Road to Ruin " by James Rickards as an enlightment of how the system works.
GM: I heard in your daily updates that the market was like a black hole and even if FED thrown in 100s of trillions of dollars nothing would happen. But it took only 2 3 trillions to re inflate the market against all odds to almost completely erase the losses in NASDAQ. Any thoughts on that ?