Joy Ride Up (and Down) Wall Street (Part 1)

Editor's Note: There is so much to be said here, I could write for days and not even begin to scratch the surface, so today's normal single post is being broken into two parts, but since this is a blog in reverse chronological order, I'm publishing this part last.

First, an overview of the day's events.

Basically, if you're not up to speed on the destruction of the American financial, legal and constitutional system. The administration and the congress - collectively the worst bunch of people ever elected to public office - have conspired to take $700 billion dollars of taxpayer money, ostensively to bail out Wall Street and foreign firms which are likely already insolvent, and buy up their unsalable bad paper.

There will, as usual, be cursory oversight and some lame, toothless provisions to limit executive pay for plan participants.

Stocks soared on reports suggesting swift passage of the legislation, with bipartisan agreement. President Bush met with Twiddle-Dee and Twiddle-Dum, otherwise known as candidates John McCain and Barack Obama, both of whom pledge change, but, when it really matters, simply go along with the status quo.

The Dow rallied nearly 200 points, though it was up over 300 at different points of the day.

Dow 11,022.06 +196.89; NASDAQ 2,186.57 +30.89; S&P 500 1,209.18 +23.31; NYSE Composite 7,927.87 +159.05

Advancers trampled decliners, 4205-2145, but check out the new highs (23) to new lows (277), 12-1, not very promising. I'd say, even with this artificial stimulus stocks still aren't going anywhere soon, except lower.

Oil gained $2.29, to $108.02. No surprise there, or in metals movement. Gold sank $13.00, to $882.00. Silver fell 17 cents to $13.28.

Continue to part 2...