In all my years of trading, I have never seen markets this volatile - even 2008, when MTN could swing 20% one way and 20% the other in a day, still had direction (all down). But this, this is wild crazy stuff.
The dow and sp500 have both broken support that goes back about 5 and 3 years respectively. A few days ago they managed to retrace and give those support lines a good bye kiss and have since fallen back again. I don't know when but I reckon their next big move will be down (and we will follow).
Ah - an efficient market hypothesis test! The answer is no, IMO. The very nature of a price / earnings ratio and the multiple the investor community is willing to pay debunks the theory. Certainly there is nothing new in the market - all news at any given point in time is priced in, if you work on the premise that news circulates instantaneously these days. But the multiples people are prepared to pay for that news, well that is a moving target