Top 1%

Friday's action just a bull market grinder with a very late session push to 1700.  Typical buy program action.  Only a news event will stop it from grinding back to highs now.

After viewing this astonishing story about just how much money the 1% controls in this country, it really made me ponder competition in the futures markets.

According to the video:
-- The top 1% controls 40% of America's wealth.
-- The bottom 80% of America controls just 7% of America's wealth.
-- The top 1% owns 50% of all stocks, bonds and mutual funds.
-- The bottom 50%?  Just 0.5%.
-- The average CEO makes 380 times the AVERAGE worker's pay in his company.  The average worker makes in a month what the CEO makes in an hour.

I had no idea that it was so skewed.

No wonder that the indexes are so trend driven.  Out of a population of 313 million, then there are a theoretical 31,300 1% ers.  And my guess is that the top 5% of the 1% owns the lion's share of the top 1%.

So basically, 313 people in the entire United States control the markets : )   If they are accumulating, it goes up.  If they are distributing, then it goes down.

And their accumulation/distribution cycles can last for years.

And that's why the mechanical low of Wednesday was an all clear signal that there were no real sellers.   Mr. 1% does not mess around with mechanical zones.  That is, unless he's accumulating.

Simple!  lol