Stocks Erase Losses in Final Hour, Again

Chartists, throw away all your tools and theories. Today, the Dow Jones Industrial Average fell 100 points below its 200-day moving average, spent almost the entire day in negative territory - as did the S&P - yet both averages finished positive, wiping out the day's losses in the final hour of trading on absolutely no news, no rumors, nothing. The only thing that kept the NASDAQ afloat was Apple (APPL).

We've entered new territory, new levels of fraud and collusion and the politicization of markets.

It is an absolute sham. Casual and seasoned investors alike should have pulled all money out of these monkey markets long ago, but the repeated "savior" late day rallies are nothing but pure manipulation by insiders.

Corporate profits have been routinely weak this quarter, yet the major indices refuse to reflect reality in their prices. All price discovery mechanisms have been shattered by the continuous manipulation of markets since the crash of 2008.

Anyone wishing to hold the nearly-worthless pieces of paper (actually, now just electrons in some brokerage account) is welcome to them. The rest of us will do just fine with land, gold, silver and eventually, lead.

These markets deserve to roll over, correct, and eventually will, but that will only happen when the people behind the screens, pulling the strings, find such a move advantageous to their wishes.

Dow 13,345.89, +2.38 (0.02%)
NASDAQ 3,016.96, +11.34 (0.38%)
S&P 500 1,433.81, +0.62 (0.04%)
NYSE Composite 8,329.24, +5.09 (0.06%)
NASDAQ Volume 1,636,307,625
NYSE Volume 3,189,014,000
Combined NYSE & NASDAQ Advance - Decline: 2668-2785
Combined NYSE & NASDAQ New highs - New lows: 84-82
WTI crude oil: 88.73, -1.32
Gold: 1,726.30, +2.30
Silver: 32.25, +0.155