What happened Tuesday? The market fell but I thought the Federal Reserve had outlawed any and all selling? After all, the Fed is pushing billions of dollars per day into the market to rig a further rally. Perhaps the Fed wants a “managed” sell-off so it can deflect some the recent and well deserved scorn over QE2, so that the accusations of rigging the market die down.
Or maybe, just maybe, the Fed cannot control the news – yet. Here’s what we learned today.
* Ireland is bankrupt and so far refuses to accept a bailout.
* Greece caught in fifth consecutive lie regarding its bankrupt books to keep the bailout loot flowing. * Austria says “enough!” Austria refuses to fund the EU for further Greek bailouts. * Finland opposes a bailout for Ireland – may refuse funds. * The Fed may be stripped of its dual mandate, thus losing power. (This is a very good thing.) * After Moody’s threatened to slash the sovereign rating of the US, Congress is now threatening to raise everyone’s taxes via allowing all of the Bush tax cuts to expire. Massive spending cuts are never discussed. * And late this afternoon, the catastrophic floods of municipal bankruptcies across the country that have been held back by the dam of “hope” that somehow things will get better are showing signs of a crack: City of Hamtramck, Michigan seeks bankruptcy.
* Greece caught in fifth consecutive lie regarding its bankrupt books to keep the bailout loot flowing. * Austria says “enough!” Austria refuses to fund the EU for further Greek bailouts. * Finland opposes a bailout for Ireland – may refuse funds. * The Fed may be stripped of its dual mandate, thus losing power. (This is a very good thing.) * After Moody’s threatened to slash the sovereign rating of the US, Congress is now threatening to raise everyone’s taxes via allowing all of the Bush tax cuts to expire. Massive spending cuts are never discussed. * And late this afternoon, the catastrophic floods of municipal bankruptcies across the country that have been held back by the dam of “hope” that somehow things will get better are showing signs of a crack: City of Hamtramck, Michigan seeks bankruptcy.
Trade Date: 11/16/10
E-Mini S&P Trades*
(before fees and commissions):
E-Mini S&P Trades*
(before fees and commissions):
- No “Secrets” trades filled today.
- Algorithm positions (4)
- “Reading the Tape” positions (7) …combined Secret’s, Algo, & “Reading the Tape” total… -2.25
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