After dismal data out of Japan and some troubling manufacturing numbers in the US, stocks opened sharply lower on Wednesday, reversing the short-covering faux rally into Tuesday's close.
But, the trauma was short-lived, ending abruptly, absolutely minutes after the open. Some people surely got caught short at the wrong moment, thinking, wrongly, that the era of central bank noise and confusion was about to meet a fitting end. Stocks continued an inexorable ascent throughout the day, based on nothing other than front-running computer bots and anti-competitive algos run by criminal banks.
Of course, no such thing would happen. The signs of a collapsing global economy have been with us for the past seven or eight years now, but somehow, stocks continue to pace along, and lately, they just fluctuate in a narrow zone.
This trading conundrum - in which outflows from equities has been ongoing for seventeen weeks - has to be the work of the central bank, or banks, acting in concert to keep asset prices from collapsing to where they might belong, about 40-=0% lower than where they currently reside.
Since the Bank of Japan has been spotted owning a hefty percentage of the biggest companies on the Nikkei, it shouldn't surprise anybody that the Federal Reserve is working behind the scenes to keep US equities floating on vapors.
It's a disgusting, completely inappropriate condition. The Fed is engaged in the worst form of market manipulation, in secret, buying selectively to keep prices from collapsing, in a most offensive manner.
While Money Daily considers this kind of activity to be nothing short of criminal behavior at best and immoral destruction of the whole economy at worst, others are entitled to their opinions, such as the corrupt Keyenesians and insiders on Capitol Hill who profit handsomely from Fed interventions.
Their opinions are typically based on nothing other than self-interest, greed and keeping their jobs. They should all be out on the street. Hope springs eternal.
Maybe by November.
Oh, Happy Day!
S&P 500: 2,099.33, +2.37 (0.11%)
Dow: 17,789.67, +2.47 (0.01%)
NASDAQ: 4,952.25, +4.20 (0.08%)
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