I CALLED FOR A DISTRIBUTION DAY TODAY...AND THAT IS EXACTLY WHAT IT WAS...
MY HUNCH IS THAT THE CRISIS IS OVER...
NOT A NEW BULL MARKET...
BUT SORT OF A RANGE BOUND DRIFT FOR THE REST OF THE SUMMER...
TRADERS HAVE BECOME "USED TO" BAD NEWS...
EVEN SPINNING IT AS "GOOD NEWS" ...AS HAPPEN TODAY WITH CITICORP...
"ONLY" A 2.5 BILLION LOSS!! BUY!!! BUY!!! BUY!!!
AND BERNANKE HAS THE INVESTMENT BANKS STUFF WITH CASH LIKE A XMAS GOOSE! SO THEY CAN BUY THEIR OWN SHARES...HENCE THE BIG RUN UP IN BROKERAGE SHARES... OVER THE LAST THREE DAZE.
WHY NO BULL...?
ONLY BULLSHIT FOR THE REST OF THE SUMMER...?
WELL, BECAUSE NO ONE HAS SOLVED ANY PROBLEMS...ALL THE SAME OLD BAD STUFF IS STILL OUT THERE...
NO BIG POLICY EPIPHANIES FROM THE FED...(LIKE A RATE CUT).
NO WAR DIVIDENDS.... NO MAJOR GOOD NEWS FROM CORPORATIONS...THEY ARE STILL LOOTING AS FAST AS THEY CAN...
NO HOSANNA MOMENTS ABOUT CONSUMERS... JOBS STILL PUNK...WAGES WORSE...DEBTS UNPAID...BANKRUPTCY IMPOSSIBLE...
OF COURSE, A MAJOR GEO-BLOW UP COULD DERAIL THIS SCENE OF HALCYON DAZE AND BLISS...BUT THAT IS STILL UNKNOWN AND UNKNOWABLE AT THIS POINT...
DRIFT ON....!
Oh DOG DAZE OF SUMMER..!
