The market rose today as expected, but far more than it rightfully should have. In the face of bad earnings announcements, even the financials and the REITs rallied. The bears put up a good fight, but were overwhelmed by the market manipulators' sheer volume.
This market is manipulated to the point of becoming pathetic. The upside action in the equity markets ahead of Turbo Tax Tim's remarks was about as blatant as it gets. After the news for the past few days exposing the "program trading" by the market manipulators - - Goldman Sachs, JPM, and others; you'd think they'd lay low a couple days to give themselves some plausible deniability. But this is most certainly not the case. When the market is this heavily manipulated, there is no choice but to follow the market manipuators, which appears to be an up market direction.
Then you have Turbo Tim lying at today's hearing that the stress test results show that the 'vast majority' of US banks have more capital than they need. Yes, the banks banks with adequate capital that have been well managed, but not the five or six largest money center banks that have trillions in bad debt and toxic derivatives who have been soaking up all the available capital in the economy and leading us into a depression. This Administration is getting out of hand.
The 30 and 15-minute stochastics say the market should decline tomorrow. In the attached indicators graph, the VIX went bullish and needs to go bearish for the long overdue correction to take place. Let's see what tomorrow brings.
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