I peruse the ol’ interwebs.
I read and listen to what retail traders think of the markets they themselves trade.
And the more I do this, the more I am convinced that for many humans, the markets become a giant Rorschach.
You know … the inkblot projective test wherein ink blots of different shapes and colors are presented one by one to the subject. The subject is then asked to describe what they suggest or resemble. One person sees a bat. Another individual sees a woman. Someone else … a face.
We find the same to be true of retail traders. The markets provide them an outlet to project their political and economic biases onto the tape. One person sees government control. Another trader sees a giant ‘them’ out to get their trades. Another person sees the ever lurking and evil spectre of HFT “bidding up” the market (which it cannot do by the way). Another sees falsified governmental data. Another sees looming recession. Someone else sees economic expansion.
All I see, are buyers and sellers slugging it out, understanding that the next ‘settle’ could bring anything.
Anything other than that? It is what people project onto the market. Which in the end is nonsense. It’s a Rorschach.