Tuesday, August 23, 2011
Nothing stops an Investor rally
Certainly no 5.8 Earthquake in and around Washington DC which was felt as far up as New York City.
As of 3:05p, its up over 260pts.. based on Absolutely Nothing.
Think that is opinion and conjecture? This quote in a CNBC article explains today's trading day best: "This is a dead-cat bounce... we were in an oversold position and investors are trying to find any single positive data to create an opportunity" - Kenny Polcari, managing director at ICAP Equities.
Kinda reminds me of rats or roaches scurrying about on the floor looking for any stale crumbs and other waste to muddle through and feed off of...
So, what was today's "data" to lift stocks? Oh, just some weaker than expected economic reports-- the kind that would cause the market to drop if it was not so artificially manipulated and unrepresentative of the overall US and global economy.
Maybe the markets were excited that Bank America announced the other day the elimination of over 10,000 jobs? Or UBS Bank announcing today they're eliminating 3,500 positions? This doesn't seem to be the kind of thing that occurs in a recovery does it?
The market is going to fluctuate this week-- up and down as investors position themselves for what they assume on Friday will be another massive financial Fed intervention which will help only them alone, and further deplete US Treasury.
Hoping the Evil Investors don't win again but gotta admit, the bastards sure have a good track record of success. Unlike Main Street America, they sure know how to "Squeak" loud enough to get their proverbial 'wheel' greased.