THIS DOW CHART WITH A CLEAR LINE IN THE SAND AT 11,900....LOOKS MORE LIKE A PLUNGE PROTECTION PROGRAM TRADE...THAN A BUYERS EPIPHANY ON WALL STREET.
SOMETHING ABOUT THE DOW'S BEHAVIOR TODAY MAKES ME THINK THAT A LOT OF IT WAS FAKED...
CLEARLY THERE WAS A "FLOOR" UNDER THE MARKET...LIKE YOU SEE WITH PLUNGE PROTECTION TRADES.
BUT THERE WAS NO..."MOONSHOT" MENTALITY KICKING IN... EVERY BUYER HAD A SELLER OF EQUAL FORCE...
THE SPIKE IN ASIA TODAY...IS PROBABLY JUST OVERSOLD CONDITIONS...
I DON'T SEE HOW ASIA COULD BE MORE "EXCITED" BY BERNANKE'S ODD ACTION TODAY THAN WALL STREET WAS...
THIS DOES NOT PASS THE SMELL TEST... BUT WITH THE MARKETS TRADING EVERYDAY...WE WON'T HAVE LONG TO WAIT FOR THE VERDICT ON THE B-MANS BIZZARO ACTION TODAY.
SADDLY THE FED CAN'T CUT RATES 75 BP...EVERYDAY!!!
