After Monday’s insane ramp on no news, I should have smelled a rat.
I knew that the FED would have to Print Forever in order to save the disorganized Europeans, but I did not think they would do it on the last day of the month and make all the negative performance for the month simply go away.
We have rallied almost 7% in just two morning opening ramps, Monday and today. We have now almost round-tripped, from SPX 1265 to 1165 and back to 1235 in 2 weeks, and one was holiday-shortened. That is a total of 170 points very quickly, yet we are still in our trading range.
There has been many instances of big market moves before a big government announcement this year. It stinks to high holy heaven. But it is the way it is.
Certainly our Santa Rally was heading for disaster until it was bought and paid for with an unlimited swap line between Central Bankers. It is the “Market by Central Bankers”, plain and simple.
Enjoy the ramp because endless liquidity for Central Banks won’t always be so great for the equity markets.
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INSIDER TRADING IS LEGAL at the Government level…
will have “occupy” request full accountability of all congressional and senate portfolio’s,this way we could piggyback their trades and bank more coin.:)
Treu that. But let them have their fun. When businesses start to shut down from the price ramp, then they will realize it’s a double edged sword.
Unfortunately the non-politically connected, non-insider traders will realize that a lot faster.
It’s seriously a joke, makes me wonder I’ve been hustling my whole life to avoid getting in debt.
If this rounding bottom formation plays out in 30 min charts of DBA food futures, we should see 29.70 by early next week. Its at 29.02 right now.
Food futures are pricing in 60 dollar oil. If that doesn’t come very quickly, they are all going to snap back up. In an extremely violent act of mean reversion.
Corn has been hitting resistance at 666 fwiw……..Scott, I know that Monday move was somebody knowing something. This is so much of the Ponzi Level that Minsky wrote about, it appears. Only question is what does it take to finally pop it all? For comment on Fly’s Blog yesterday, lol…would be cute for sure.
We came to the edge of a Minsky Moment, and Uncle Ben fired a howitzer full of liquidity to stop it. Europe won’t have a Lehman. At least not now. Party on for now at least. We’ll deal with the hangover when it comes.
feeder cattle chart also needs to fill the gap
“The funds released by the Fed became available to invest in the stock market and from that date, according to all the evidence, the situation got completely out of control.”
– Galbraith: The Great Crash, 1929
Scott,
What’s your revised outlook?
This puppet show is indeed getting old. Only thing worth trading is ES with tight stops & no overnight carry these days. Insane…
Jim
lumber took an 11 handle hit today.thats my first sign. destroy the bear, ,and tease the bull. fuckin meshugana, sob’s are gettin slicker man.
. The secular bulls needed an SPX 1281 print today to undo the secular bear market currently in place, but, despite the strong last day rally, it did not. Thus, markets remain in a Secular Bear Market.
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