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Just a quick note here folks. The market "held up" pretty well
today but heading into the last hour it rolled over hard. Bonds
were gaining, the dollar going goofy and stocks really started
selling hard. When the dust cleared we were down 208 points.
Well it's been a day, that's for sure. Today the "bad news was
good" because they know Bernanke's locked in his box. Although we
started off weak, they pushed us up and we've spent the lions share
of the day up around 90 points.
The central bank games continue to be played and the robots and
algorithms play right along with it. Not long ago we were down 155
DOW points and probably looking for more. Then A Fed head
talking in Boston said (among other things) that unemployment isn't
A lumpy day saw us up 200 points by early morning only to give
half of it back. But hey, there's very little doubt that the "up
Tuesday" phenomenon is firmly in place, I see no reason for them to
let us fall 103 in
Well, I'm now out of all my short term equity positions. I was
stopped out of UA this morning as the overall market weakness took
everything down. That's fine, we made nice gains on it, as we
bought at 60.19 and sold at 62.00.
I'll be the first one to admit I had to shake my head in disbelief
over the action today. After Japan vapor locked last night, falling
8%, and going crazy, we fell about 120 points this morning and then
worked our way all the way up and
What a day. From this morning's euphoria over Bernanke mentioning
that it would be premature to pull QE too early and hurt the
recovery, to talk later on about tapering QE. He basically left the
door open to anything. But the talking heads jumped all over
Well I have to admit, I really didn't think they'd do the "19th"
Tuesday in a row thing, but they certainly have. While they got a
bit shaky there in the first hour, after that they just poured it
on again and here we are
Well they've followed the script so far. Almost every Monday has
been a "hover" event where they just keep us near the flat line.
The bigger question is this... are they going to rush us higher and
make it 19 Tuesday's in a row? They
On Tuesday, this is what I said to you all....
Listen up, this is how I see this playing out. As you all know,
the market needs the financials to pull the market up. Well two of
the biggest crooks, JPM and GS are setting