Equity futures are down slightly, the dollar is up slightly, bonds are up a little, while both oil and gold are down more significantly.
Well it’s Options Expiration, and so there’s yet another reason to monkey with the markets – what will it be today? Do we have any good reason to manipulate data or to have the President get on T.V. and state how happy he is that we can produce funny money and POMO our way into creating a FRAUDULENT IPO for GM? Best of luck to all the suckers who bought it, and note that when the public could finally have access to it, it opened at $36 and promptly melted down to just above $33, losing nearly 10% right off the bat. As Forrest would say, “Stupid is as stupid does.”
And what a loser of a President and Administration...
As James Carville said yesterday, "If Hillary gave up one of her balls and gave it to Obama, he’d have two." I think that’s being too generous, I don’t see that he has one to begin with. What I do see are tracks running up his back from being run over by the banking interests, that’s about it.
What a great market run up yesterday on nothing volume. And get this, of that pathetic volume, GM accounted for nearly a quarter of the volume traded on the Big Board. Sweet, sweet POMO. Could it have gone off like that without all the easy money? No way. And now not only am I seeing that the market is completely rigged, but I’m also coming to the conclusion that the economic data reported to us has been completely hijacked to be used for manipulation purposes as well. The Philadelphia Fed data yesterday was simply disconnected from reality as it made one of the largest advances in history. This comes despite data from other regions to the contrary, and it leaves me noting how the data floated better prior to the elections, fell afterwards, and then on the day they must show the world how successfully they can create money while robbing others of money via the GM IPO, the data magically is wonderful (margin compression aside). But hey, Obama had something “wonderful” to read from his teleprompter.
Boy, we can all be proud of that.
And the thing is that despite the media hype over the IPO, the people aren’t buying it! Even those who don’t understand the mechanics of it understand that it’s just simply false. And thus everyday that passes with more and more FRAUD coming to light, confidence crumbles because there are still no adults to be found, and because, well, Obama has yet to grow a pair.
And the bankers are doing a full-court-press on Ireland to accept a bailout. The people of Ireland are just flat out pissed, as they should be. The leadership is trying to negotiate terms in trying to keep their corporate tax rate low, but ultimately any “bailout” would simply put the people on the hook for money to bail the banks out of their problems. Of course after Ireland comes Portugal, then Spain, then Italy, then all the rest of Europe. It really is the theatre of the absurd as all the developed world is bankrupt as are all the large banks – and thus it is the bankrupt offering to bailout the bankrupt, but again it all comes down to power, control, and the using of other people’s productive efforts on behalf of the few.
And speaking of the few, yesterday Goldman announced they are promoting a record number of people to “Managing Directors.” Yet another in-your-face to people who expend their life’s energy on something REAL, they wind up supporting these debt pushing criminals who create nothing but havoc around the globe. Congrats on the promotion, I want all those who are being promoted to know that I hold them directly responsible for supporting the continued destruction of America.
The municipal bond funds took another hit yesterday, and the media is not talking about it yet. This is very significant in that it means small government is going to have more trouble raising funds going forward, not to mention the direct havoc it will raise within people’s investment accounts if it continues.
On the 30 minute chart of the SPX below you can see that the run up yesterday took prices up to a perfect 50% retracement level which is also coincident with overhead resistance at 1200:
So far that move looks corrective and it might be the b wave of an a,b,c correction. It could be over, and if so we should see more selling soon. However there are several possible counts here and I am cautious as after today we are heading into a holiday week next week, and then the traditionally low volume period from there thru the end of the year. Low volume plus tons of POMO money will likely bring us what, higher gas prices for the New Year? That, or it may be used to bet against the next bank victim in line, Portugal, whose bonds are surely next to get the “take the rescue or else” shake it up treatment.