And this morning all of us had an awakening. Yes, it’s true, if you’re reading this article it means your awake.
Oh, and it means the Federal Reserve is back in the markets buying equity index futures to jack the prices up just like yesterday’s late day rescue. The Bubblevisions will of course attribute this to “late day buying by institutions” but the volumes indicate that this was more index related purchases via ETFs rather than individual issues which is the tell of PPT and Federal Reserve market meddling.
Here is a snapshot of this morning’s action:
Cryptocurrencies have bounced back also but still down substantially from the 50,000 mark. Then again if one is playing that market, the volatility is nothing new and unless Bitcoin breaks below 30,000 there is no major reason to panic.
All eyes are now on the Federal Reserve this week when they report their quarterly profits from the regional chair’s investments; er, I mean make another nonsensical statement about how inflation is transitory unless one is alive and eating.
The price action on Monday was not a capitulation but some large players went to cash. The volumes were not as large as last Friday and were not indicative of retail investors plus institutions liquidating portfolios.
Do not let the Bubblevisions fool my readers, it was a consequential move indicating more volatility and a larger correction if not outright crash may well be on the way. If the rally is sold into today, which I think it will be, then watch for an interesting close. If it does not rally up more than 500 points on the DJIA today with higher volume than yesterday, look for a rollover after the Federal Reserve’s propaganda session is published tomorrow at 2 p.m. ET.
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