The Dow Jones Industrial Average was down 146 points earlier in the day until someone started a rumor that the Federal Reserve was going to cease paying banks % on their reserves in an effort to "force" the banks to lend. Even post the rumor bash courtesy of Steve "I love Bernanke like a brother" Liesman, the market proceeded to launch even higher and closed near the highs of the day.
As grandpa has noted in prior posts, Mary Schapiro and her band of SEC incompentents are indifferent to rumor mongering as long as the equity market remains in launch mode. In addition, Mary was busy spewing how her "adult site" internet viewing employees have made serious changes to better protect the average investor.
Today's congressional spewing truly cut in to her "letters of recommendation" office time given the exodus of SEC employees pursuing a meaningful and well paying career with Wall Street firms they used to "regulate.
Not only did the algorithmic Cheetos eating, Red Bull drinking take every short trader to the woodshed, Apple beat the street estimates and bought a round of Red Bull kiddie cocktails for the entire 18 year old trading gamers.
Yes America, it was a great day for the bulls, as once again, they are doing their darndest to convince you to remain in the market as you need to have a long term horizon as no one can time the market. As if the Cheetos eating, Red Bull drinking gamers care about you, your family or your future!
Don't despair, you have Mad Money's Jim Cramer and the Fast Money clowns on your side and don't forget CNBC's Julia "place Barbie back in the box" Boorstin as she is a financial powerhouse!
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