by John Galt
January 10, 2012 05:15 ET
Here we go again. The Republicans are holding their primary today in New Hampshire and like good little rally monkeys they will march to the polls and vote for a New England clone of George W. Bush because “this time it’s different” and Romney would never do any of the things that idiot Bush did. At least that’s what they would have you believe. With Alcoa reporting a quarterly loss, Italian 10 year yields over 7.10%, and the IMF troika meeting with the Greeks again for another resolution to the problem, that should be reason enough for Wall Street’s rally monkeys to make an appearance also.
Add in China’s promise to use the money that we borrowed then repaid them with interest to buy our stocks because it is safe to assume the Fed guaranteed them a profit and we’re set for a nice rally today and the year’s first run towards 1300 on the S&P 500.
Too bad the market internals are not confirming this sucker for the long term but in the short term, the banana dancing fools will win the day because after all, short selling is unpatriotic and reflects poorly on the regime. Get ready for the biggest pump and dump job in years followed by a huge fall and credit crisis starting with in the next 60 days.