The PPT Plans to Save the Nation

They did it again.

It wasn't as dramatic as yesterday's 200-point move in 35 minutes, but there it was again, our guardians of the economy, the guiding hand of the Treasury, Federal Reserve, SEC and the Commodity Futures Trading Commission, acting in concert, pumped the Dow Jones Industrial Average another 120 points between 3:00 and 3:30 pm. They then allowed the market to readjust and close with another 100-point gain.

This time they took the NASDAQ along for the ride and left the S&P and the poor sister NYSE Composite behind; up, but by a lesser percentage than their favored 30 Dow stocks. The tally today was 25 gainers and just five losers within the Dow component stocks. Nice. Healthy. Bullscoot.

Dow 13,463.33 +100.96; NASDAQ 2,575.98 +22.11; S&P 500 1,472.20 +6.39; NYSE Composite 9,619.33 +46.28

The market internals were somewhat improved today, with advancers actually outdoing decliners by better than a 3-2 margin. New lows continued to lead new highs, however, 417-133. The markets are coming back toward equilibrium, but it's not going to last - the underlying forces of the sub-prime meltdown are simply too powerful.

Oil traded 33 cents to the upside, closing at $76.86. Gold and silver were up marginally, with silver right at $13.00 per ounce.

There are compelling reasons to buy into the metals, though those markets seem to be as manipulated - lower - as the Dow Jones. With Rupert Murdoch set to take the reins at the Wall Street Journal - a sad day for us all - the FOX is actually going to be in the hen house.

Make no mistake, the powers that be are in no mood to allow the Dow and other indices to drift lower. That said, it needs to be pointed out that the chances of making new highs are also quite remote. The credit markets are busting and the worst is still to come, right about time for a nice little election in the US, so the blame can be laid at the feet of the party soon to be (or already) in charge. History will be rewritten. It is every day, and it's all absolutely rubbish.