Loading ...After yesterdays big gains and what seems like an endless bull rally off March lows we are still heading higher this morning. Is this market rally unexpected? Nope, not really, considering that over 60% of last month’s float was electronic trading + 30% speculation by the same folks who set up the electronic trading (Thanks Goldman Sachs). […]
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You got to love the market makers, they can push the market whatever way they want to at will. That’s not much of a surprise, considering they are the bulk of the float and working hand and hand with government + central bankers. Yesterday on CNBC, 4 so called “experts” at noon all informed Rebecca that they were sellers into the close. She said the first thing that came to my mind, if you are all sellers, that means the market will be up tomorrow. She was right! At the same time, I couldn’t agree more with the experts, I was also a seller. […] Oh, grab a popcorn because I’m about to rant harder than a fat girl at a Somalia Safari. First, let me start off saying Stanford L. Kurland is either a criminal or incompetent. My gut tells me he is a dirty greedy heartless shameless criminal. Stanford was the President of the infamous Countrywide Financials that got millions of people into subprime fraudulent mortgages that they couldn’t afford. Yes, this is one of the assholes you can point your finger at and blame for this economic collapse. What is the first thing he does after losing his job at CFC, start a company called PennyMac to profit from distressed properties! THE SAME PROPERTIES THAT HE CAUSED TO BE DISTRESSED. Let me explain it this way, this is like having someone who just killed a person going back into the emergency room of his victim and trying to auction off the dead man’s organs. It is criminal…and it looks like he will get away with it. […] The market internals are only pointing slightly down, but the momentum seemed to have definitely changed. VIX is up 2.5% this morning, the dollar is gaining strength and rates are slightly higher. A durable goods order was -2.5% this morning, way worst than expected. If we finish lower today with increasing momentum, it would definitely […] The quickest way to feel bullish about the US economy is to read Bloomberg’s story on Lithuanian economy shrinking 22.4% in second quarter and South Africa’s unemployment rate of 23.6%. As long as the global commodities are traded in USD and the world reserve currency is the USD, we have little to fear. They also have a story on how the housing price climbed in April from May (go figure, artificial low rates + peak housing season = higher prices). The real test for how healthy housing is will be this winter or next spring when rates are going up. […] The big story this morning is the dollar. The DJI is relatively flat and non eventful, which is a very bullish sign considering it had a 4 month rally. However, the dollar is down against nearly ALL major currencies, a bullish sign for the precious metal investors. BUT, for me, the big story is the VIX up 5% this morning (they might not be selling stocks, but they are sure buying protection). […] Common sense be dammed, we are heading higher and higher. That is what appears to be the word down at the Flow. Art Catchum says 10,000 very likely, so it must be so. Considering we are in the middle of earnings season, summer time and low volume, why not. It’s hard not to be an optimist while floating at the Hamptons. […] That was a great week for the bulls. Everyone expected a pullback but stocks kept pushing higher. Each day that started with a slight correction ended on a positive note. My got tells me that Goldman is pushing prices higher and higher. After the July 15 change, they no longer have to disclose to the public is they are accumulating shares and selling. If its going up, this means that they are accumulating. The question now should be for how long they are going to be buyers? […] Here is where I and the experts disagree…They think we will reach a bottom for the economy at the end of 2009 followed by a weak recovery. I think that we reached a short term bottom on Marched when they eliminated Mark to Market accounting but our recovery will end with an unexpected crash in 2010 or 2011. […] |
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