Posted on 06/08/2010 1:09:45 PM PDT by blam
Markets Rocket Higher In Final Hour Of The Day: Here's What You Need To Know
Joe Weisenthal
Jun. 8, 2010, 4:00 PM
Today was weird. Stocks bounced around all day, with tech getting hammered, while other indices hovered around flat. Then things got strong in the final half hour of the day.
First, the scoreboard:
Dow: +125
S&P 500: +12
NASDAQ: -3
And now the key stories of the day:
* For once, stocks didn't tumble hard at the end. In fact they did the opposite, rallying big at the end, a refreshing difference. See here for the scary parallels to the Great Depression >
* The oil sector was hammered again on ongoing BP fears, as well as the emergence of multiple reports, including ours, of a second (small) leak in the Gulf, as shown by new video footage.
* The situation in Korea continues to evolve in surprising ways. The latest is that Korean guards killed three Chinese citizens at the border, prompting a sharp rebuke from Beijing.
* In early action, England was rocked on some negative comments from Fitch about its budget. The pound was a key loser on the day.
* Gold hit a record high.
[snip]
(Excerpt) Read more at businessinsider.com ...
Thank you, blam.
World’s Biggest Casino
Up 123 after the loss of almost 1,000 is a ‘rocket’? What are these people smoking?
PPT came back to work today, I see.
At least there wasn’t another “we are on the verge of a massive rebound” claim as there seems to be each time the markets avoid a complete collapse.
Unless I missed something.
It truly is!
I have no doubt it is manipulated!
yeah noticed that ... hope it’s not that old, pump & dump – irrational exburance.
It won't last?
Hedge fund manipulation with the Fed.
Or, it's just vast sums of cash fleeing European markets and it needed a home.
Most of the late day buying (or selling) lately is coming from mutual fund managers that have to make changes based on trades made throughout the day....IMHO.
Very nice chart of the day.
This market has come a long way in 14 months from SPX 666
in March 2009 to 1250 in May 2010. That is a faster rate
of ascend than I have ever witnessed in many decades, so
it is normal to retrace SOME of that advance. A 1/3 retrace
is normal, expected and even desirable for further gains.
Forget about 2nd great depression. Today we have 2.5 Billion
people in China and India in growing economies which were
completely absent in the 1930’s. Their middle classes are
growing with increasing appetites for goods and services.
Those 2 countries along with Japan & Brazil & Russia will
help avoid 2nd great depression.
Very nice chart of the day.
This market has come a long way in 14 months from SPX 666
in March 2009 to 1250 in May 2010. That is a faster rate
of ascend than I have ever witnessed in many decades, so
it is normal to retrace SOME of that advance. A 1/3 retrace
is normal, expected and even desirable for further gains.
Forget about 2nd great depression. Today we have 2.5 Billion
people in China and India in growing economies which were
completely absent in the 1930’s. Their middle classes are
growing with increasing appetites for goods and services.
Those 2 countries along with Japan & Brazil & Russia will
help avoid 2nd great depression.
Methinks obamao smoked up all the green shoots.
Left the ashes for us.
Gee, hope not. I wonder when if ever, Hedge Funds will get regulated? Too bad regulated Mutuals can’t short like Hedges. I read that Germany has banned shorting. Nuttin’ like shorting will the pundits are pumping everything is wonderful shape. Looks like smart money is betting further lows.
“PPT came back to work today, I see.”
They just got tired of having everything they put in get sucked out in minutes. Today they waited till the very end to do a massive push(seen that many times before). This leaves little time for people to sell on the rise(To take a profit). The idea is that since they caused the Dow to close up over 100 points then Asia is going to like it and raise as well, then Europe, and then back to the US. Everything is manipulated now. Stocks, bonds, currencies...Everything. It is all about what people perceive, and not at all about fundamentals or reality.
Deceit is the name of the game for this entire century so far. It will always be remembered as such.
I can appreciate your optimism, but I presume you are talking short term, however, China, India, Japan, Brazil, and Russia won’t be able to pull our government out of the debt spiral they have put us in with 14 trillion in current funded debt and 50-100 trillion including unfunded debt. Our nation is utterly bankrupt and we are one financial/economic/political/military event away from the tipping point that will cause this realization to materialize. Of course, that is JMO, but in all honesty, I expect (with our current lack of political leadership) a complete monetary collapse with the dollar within the next 5 years or so (perhaps sooner) if we do not make a dramatic and drastic turnaround in government policy making asap.
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