The range bound market...will continue to churn protected by the FED PUT... which Bernanke et al...reaffirmed for the indefinite future yesterday...
The market will have many many small up days...and a few big down days...to keep the ranges in play...the trick will be to figure out the exact moment when "the plug is pulled" by the market masters...to rebalance their trading bookS....and sell just before the drop...
This market is toppy with perhaps a few more days of upside...then an over bought sell off...then the resumption of the climb to the top of the range again...and then repeat the process...
Its a game of going nowhere ...fast.
And the FED PUT...can only do so much...because EVEN AS THE FED SAID... THE REAL ECONOMY STINKS...!!
After all that is the reason the FED is refilling the punch bowl for the speculating classes...repeatedly!
And dumping trillions of newly printed money into a structurally damaged American Economy...
BECAUSE THE REAL ECONOMY STINKS...!
ERGO...? Buy Stocks...?
Yeah...well, whatever...Yada Yada Yada....
The role of the financial media is simply to keep the hype going...until something else is in play...
Like $100 oil...$1500 gold...or a big jump in the job losses...
What part of "it ain't gonna work" don't you get yet...?
Curiously we need health care reform...simply because the economy is not going to recover...
The re-establishment of the social safety net is the one thing Washington can do now...to prevent the coming economic and civil unrest that will result from the collapse American Economy...
Printed Money and Washington and Fox News Bullshit can only take you so far...and the end of the line is in sight...
