Barclays via Tyler, from last week: It is fair to say that just about everyone is bewildered and trying to understand when this rally will end. As a prior boss repeatedly reminded me, and I humbly note here, there is no difference between being early and being wrong.
See also, from a week earlier: The Incredibly Shrinking Market Liquidity, Or The Upcoming Black Swan Of Black Swans "Anyone who is doing anything sensible right now is either losing money or is out of the market entirely." A very interesting data point, provided by the NYSE, implicates none other than administration darling Goldman Sachs in yet another potentially troubling development. Key to note here is that Goldman's program trading principal to agency+customer facilitation ratio is a staggering 5x, which is multiples higher than both the second most active program trader and the average ratio of the NYSE, both at or below 1x. The implication is that Goldman Sachs ... trades much more often for its own (principal) benefit, likely in tandem with the other top dogs ... For conspiracy lovers, long searching for any circumstantial evidence to catch the mysterious "plunge protection team" in action, you should look no further than this.
The Impending Market Reversal | 
