I feel great! Gonna make it a quick late post tonight. Great action this afternoon as the market told Benny and the Jets to stick it after the pop up after the announcement. I feel for those bulls that ran it up right after the statement. It is my turn to sleep well tonight and their turn to figure out what happened.
Zero Hedge had a great news day today. Tons of good stuff over there. I picked Over $7 Billion In Domestic Equity Mutual Fund Outflows In September. $2 Billion In Outflows Last Week to cover here. Simple post with a great message and chart, "ICI has released its most recent fund flow data, and while overall flows have been positive, this has been exclusively due to a ramp up in taxable and municipal fund inflows. In equities, there has not been one positive inflow since August 12. Last week saw a $2 billion outflow from domestic equity mutual funds, bringing the total for the last month to $7.1 billion. Attached are equity flows superimposed over the performance of the SPY." OK, so the market has been ramping wile the MF's have been aggressively pulling out of equities (guess there WAS something to all that insider selling going on. Look for more defections as the month comes to an end and they try to protect the QE statements.
Prag Cap has WHY DOES THE MARKET KEEP GOING UP? This is a nice step back from hearing me and the rest of the blogosphere bitch about manipulation and ramp jobs, "This is a question that confounds those on the sidelines and aggravates the bears to no end. Many attribute it to some sort of bank or government engineered conspiracy theory. Others say it is simply performance chasing by large money managers. Personally, I find the answer in the psychological."
The Market Ticker brings home Watch That Thesis! (FOMC Announcement). Don't you know Karl probably ate a hole in his chair waiting to get his hands on this one. LOL, he does a good job ripping it apart and then actually makes a trading call, "Nice shelf to get short at; take it down if we break materially over 1080. Either economic fundamentals assert themselves as deserving of these valuations or we're a solid 2,000 DOW points (and 200 SPX points) or more above where we should be. As a trade the risk:reward looks better than it has in months; you're risking ~10-20 handles on the SPX to potentially capture 200!" I agree 100% and will probably say something very similar (as I have been for a while) in the am.
Naked Capitalism (as well as ZH and now me) has Guest Post: William K. Black’s Proposal for “Systemically Dangerous Institutions”. A nice short and concise post by Professor Black on how to fix this mess, Since he has "some background" in fixing bank issues.
This is some must read juicy shit right here, ZH has Is The Fed Hiding Gold Swap Arrangements With Foreign Central Banks?. More on this will follow soon, and this emphasizes the need for Ron Paul's 1207 legislation. Folks, this is where the big boys play ball and manipulate the dollar and gold markets behind the scenes (and they say they can't predict the prices of certain assets, hell, they control EVERYTHING!).
On a side note, Mish has I Endorse Peter Schiff For Senate. I could not agree more. Peter and Rand Paul are two we need to get behind. Why am I bringing politics in here, cause we got to take the trash out and get some people in office that are not hand maidens to the ruling elite. We need some bad boys that follow their own path. You can see a recent video post I did with Peter HERE. If you have a politician that should be supported for election, send me an email and a link to their site. This election is gonna be a big deal and I want the right people promoted as much as possible.
Thanks for the views, comments and emails.