Quickly tonight cause I have green beer to drink - lots of it!
ZH -Ben Bernanke Has Become The Pied Piper Of Momoism This is really funny (yet sad at the same time) TD comments on Rosenberg's most recent post. "Who cares about any of this, one may ask. The market can only go up, up, up. Yes, if one considers price discovery to be a function of micro volume block buying by algos who have only been programmed to bid the market up. We broke key resistance levels in the past 2 days, and nothing: no major short covering spree, no influx of new buyers. The market has become a stealth melt up mechanism, driven by who knows what money (mutual funds are out), with shorts out. This is precisely the environment that allowed the market to go bidless overnight in 1987. When will this happen - nobody knows. Although if we continue to antagonize the only major foreigner who has allowed the Fed and the government to embark on its ludicrous policy of fiscal and monetary insanity, we will surely find out very soon."
My new mentor and buddy Rich sent me this one (yes, he is a calming influence in my life right now - I'm sure he hates me). Wednesday's update from Stocktiming.com. When Institutional Investors "shift direction" ... it the post. you need to see the momo chart on this post. Just a bit toppy.
Was that another snow job during the snow storm? You thought Greece was bailed out, right? I knew it was the dumbest thing on the planet to do it, but I was under the impression they had ST financing to get them over the hump (more like Everest). Well, apparently they aren't out of the woods, Wait A Second - I Thought Greece Was Done? Denninger has, "But this time it's different, so I think you should believe our fine friends over in Greece, even though Germany says they won't violate their Constitution (Merkel has repeated this enough times now that she's got to be blue in the face) and the news reports that trickle out say that indeed, Greece has no deal - not in the bag, not on the table, just plain not.". We all know they are in deeptrouble. So deep that all the other nations in just as deep trouble can't bail them out and they can't go to the credit store anymore, so this will be it. Do we finally gt a default?
Mish has Christie to cut N.J. school aid by $800M; 800 Layoffs in San Bernardino; R.I. Court Upholds Salary Cuts; Lancaster PA Pension Tsunami I don't think I need to elaborate on this one. I've been warning you this is all gonna come crashing down. The credit store is CLOSED. No more borrowing our way out of problems. The hard truth is finally arriving and it will hut so good.
Jon Stewart on Dodd. This is wonderful. If you have not seen it, please watch.
|The Daily Show With Jon Stewart||Mon - Thurs 11p / 10c|
|In Dodd We Trust|
Cause I love the video so much - here it is again