but here I am. I actually had another really great post, but watching the Market yesterday compelled me to write this. Market manipulation.
…..pour a shortie of Mr. Jameson’s.
So yesterday before the market open I’m paying attention to the Rah Rah Boys on CNBC and watching the Dow futures (down). At 8:30 another horrible employment number came out and the market reacted. It continued the same down trend that began around the New Year. By high noon the market slides maybe 200 points and even goes below 8,000 for the first time since November. Seems like strong downward pressure to my layman’s eye.
Then magically around 12:30 pm an uptick develops. I know we’ve had a bunch of losing sessions so something had to turn at some point, but I don’t believe it. Not this fast or this strong.
The story was that the senate was going to vote on an additional release of $350,000,000,000. This is old news. If the market is so forward looking it already should have adjusted for the rest of the TARP $. That there is additional taxpayer money in the trough for the slopping isn’t a surprise to anybody. Maybe my tinfoil hat is too tight, but it seems like the work of little green men or the President’s Working Group. Not sure which though. I’m no expert, but this seems like manipulation to me.
What new information came out between the market open and 12:30 that caused a 250 point uptick? I for the life of me can’t figure out what would cause a 250 point positive swing in the course of three hours. Nothing. If the church up the road ran a bingo like this they would be shut down. Government manipulation of the markets.
What happened mid-session to cause this huge change in momentum? Tell me if you know.
Don’t be fooled. As near as I can tell the trend is down for the short and medium term. Long term? I don’t know where we end up. I wouldn’t be surprised if eventually something has to give with our currency. I don’t know what’s right for you, but I don’t have any money in stocks that I don’t consider gambling money. The news is all bad: earnings, consumer confidence, housing values, foreclosures, loan defaults, unemployment, retail, the federal budget deficit, the economic health of the states, our manufacturing base, the quagmires overseas, the money supply, the jobs outlook, availability of credit, GDP. Make no mistake we have a ways to go still before we turn the corner on this one.
And why is taxpayer money being used to pump up the stock price of banks? Why are public funds being used to bail out stock holders?
I still haven’t received a satisfactory answer.
SCREW THE BANKS! Not a one ever cut me the least slack.
This is halfway down one trail looking up. You can see my tracks. Yum. Conditions have been so perfect. Four inches of ice covered by three inches of dry powder like they see in Steamboat. In Steamboat they call it champagne powder. Here we we just thank our lucky star and take advantage of it
This is the other half down. Trust me it’s steeper than it looks. Sometimes you have to put your hands and poles into the boxing guard position to protect your face and kinda crunch through the smaller branches.