Field Day post. Yes, today is STB's final field day with LS2, and I'll be watching him do all the things that kids do at field day this morning. That will be much more worthwhile than watching a rigged market prep the way for the Bernenk's BS this afternoon. I'll be here well before lunch.
"Event" or to the moon, that appears to be the market's mantra. They are sniffing the next round number already, GS and JPM have 1750 targets and the trend is for 2,000. This is simply nuts. You know it and I know it, but it is what it is till it isn't.
About a year ago when I ran out of original things to say after three years bitching about this rigged market, I thought I needed to apologize to y'all. Mama taught me, never apologize when you are right, and I was right. If there is such a thing as Comment Board Capitulation this place has been ground zero for it. Moving from consistent 250 passionate comments per day to less than 100 in over a weekend was astounding. I get it. This is not a plea to get anyone lurking to come out. There is nothing left to say. We've all said it all over and over and over again. They have beaten us into submission.
Bottom line is this is a pre-holiday week with the Fed speaking. And what happens before long holidays (other than the few remaining bears wishing for a bank holiday)? They ramp it. They can not have America at the beach discussing how bad their portfolios are.They can't have any negative market conversation.
I'll be around later. Hope you will be.
Daily SPX -
More to come later from me, till them ya'll help yourselves.
Have a good day.
GL and GB!