Friday, July 31, 2009
How do I know this? CNBC is promoting "Summer Rally" reports "all day long." That cannot be good news for bulls.
After spending the spring and summer borrowing money and printing the rest, spending about 10% of the "stimulus" (mostly on non-job related pork), threatening risk-takers with new taxes and government control and nuking the car industry...I'm confident that, should the market have a little mini-rally, Obama will step to the podium and have TOTUS tell us that he has saved the day.
Check out www.zero hedge.com, and you will find that none of the news and data being reported is factual or relevant. Especialy on CNBC. There is No reason for this market to be going up. High frequency trading (a thousand trades a second) by G.S. and B of A has been amounting to as much as 70% of TOTAL daily volume in SPY and IWT. This can't be good.