The hints that a political bail out were dropped for almost a week. The Fed Speakers were are analyzed to see if they dropped any hints about the future, albeit not your future but their own portfolios and what they could do to preserve it.
Then Thursday happened followed by a dismal overnight session heading into the open on Friday.
Voila here comes the Friday open.
Nicky T at the Wall Street Journal gets the pump and dump central bank rumor of the week and the bear market rally was off and running during options expiration, although with somewhat anemic volume. The permabulls all perked up and said this was the start of a new bull market. The used car salesman passing as “business journalist” on the bubblevisions preached that you had to buy all the steaming piles of crap because Jay Powell was going to turn them into gold again.
Here is the market summary in one chart for all to behold:
By tomorrow’s open the markets will be rallying higher and a run towards the 200 day moving average will begin again. The smart money knows better and just how close we are to a cataclysm with a full on bond market collapse. Prepare accordingly because anyone with more than 2 brain cells has lost all faith in our government, the US judicial system, and the Federal Reserve.
And did I mention most Americans are starting to get a wee bit distrustful of those that run our military also?
Buckle up, the wild times are about to begin once the mid-term elections are over and the let’s hope this rally saves Biden’s butt period ends. In reality it won’t save the Democrats nor America’s economy. The Federal Reserve initiated this leak for political purposes in an attempt to preserve the status quo and that amplifies the irresponsibility and incompetence of those who are running America’s central bank.
With leadership like this, the economy and market is going to crash extremely hard, it’s not if, but when.