CALL IT A RALLY...OR A MARKET SPASM...
TODAY LOOKED MORE LIKE SHORT COVERING THAN A BULL MARKET...
CLEARLY TOWARD THE END OF THE BIZZARO RUN UP THIS SPRING, A/K/A THE "BERNANKE BLOW OFF TOP,"
...SOMEONE WAS GOING SHORT....
AND SOME OF THOSE PEOPLE MAY HAVE COVERED TODAY...
THE YADA YADA ABOUT THE BEIGE BOOK WAS LAME...AND THE INFLATIONARY IMPLICATIONS WERE LOST ON BONDS WHICH ROSE DESPITE INFLATIONARY NUMBERS...
LIKELY THE RECENT BOND SPASM WAS CAUSED BY THE BANK OF CHINA...OF COURSE WE ARE NOT ALLOWED TO KNOW....
STRANGE AND IRRATIONAL MARKET PATTERNS ARE NOTHING NEW...AND TODAY'S ACTION WAS CERTAINLY IN THE STRANGE AND IRRATIONAL CATAGORY...
BY TOMORROW MOST ON WALL STREET WILL REALIZE THAT THE BEIGE BOOK WAS REALLY PROOF THE FED IS NOT LOWING RATES ANYTIME SOON...
THIS STOCK RALLY IS OVER...
