Wednesday, May 15, 2013

Stocks Rocket Higher as Government Begins Falling Apart; Warp Speed, Bennie!

OK, here are some facts and figures.

The White House is embroiled in three separate scandals (Benghazi, IRS, AP wiretaps), any one of which could be cause for impeachment (which is the preferred action, right now).

Attorney General Eric (Worthless) Holder testified and was grilled by congressmen before the House Judiciary Committee on a variety of issues, not the least of which were questions surrounding the wiretapping of AP reporters and editors. Holder, a typical administration slime-ball, who has prosecuted exactly zero criminal bankers, has recused himself from the AP investigation. How convenient!

The PPI for April was a massive misfire, signaling deflation in the face of the Fed's relentless, non-stop money printing. Expectations were for a reading of -0.5, which in itself would be anti-inflationary enough - and in direct opposition to the wishes of the Fed - but the number came in at a depressing -0.7.

Empire State Manufacturing was supposed to improve from a depression-era-level of 3.1 in April to 3.5 in May, but, surprise, manufacturing contracted in the New York region, dropping to -1.4.

April Industrial Production was off 0.5% and Capacity Utilization fell from 78.3 to 77.8%.

That's three scandals, each with its very own investigation about to be launched and four misses on economic data out of four. It's like a baseball hitter on steroids striking out four times and making three errors in the field. Not very impressive.

So, how do equity markets continue to march higher?

If anyone has answers please call 1-800-LUV-FRAUD, 1-866-2-WEIRD or 1-877-I-RIGGED.

A computer algorithm will answer your call and assimilate your responses, after which they will be discarded.

Thank you.

Dow 15,275.69, +60.44 (0.40%)
Nasdaq 3,471.62, +9.01 (0.26%)
S&P 500 1,658.78, +8.44 (0.51%)
NYSE Composite 9,551.32, +35.47(0.37%)
NYSE Volume 3,946,509,500
Nasdaq Volume 1,786,600,250
Combined NYSE & NASDAQ Advance - Decline: 3592-2883
Combined NYSE & NASDAQ New highs - New lows: 806-41 (!!!!!!)
WTI crude oil: 94.30, +0.09
Gold: 1,396.20, -28.30
Silver: 22.66, -0.721

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