The bailout rumor that sparked the massive short-covering rally Tuesday is still intact. What's odd, however, is that the rumor has yet to be substantiated. Indeed, it is still a fantasy of the banking mafia to date. Nevertheless, the march higher on putrid volume continues and has nearly reached a staggering 100-point reversal from the low.
Although there is no "plan" that one can read - hope springs eternal. The banking mafia probably thinks that Dexia bank is so screwed that a bailout will happen for sure, in due time. As it turns out, Dexia bank was actually the funding mechanism of the Belgian government and if Dexia fails - Belgium fails. And we can't have bankers and politicians paying for their own poor judgment; can we?
This STRATFOR video does a good job of further explaining this mess.
Although there is no "plan" that one can read - hope springs eternal. The banking mafia probably thinks that Dexia bank is so screwed that a bailout will happen for sure, in due time. As it turns out, Dexia bank was actually the funding mechanism of the Belgian government and if Dexia fails - Belgium fails. And we can't have bankers and politicians paying for their own poor judgment; can we?
This STRATFOR video does a good job of further explaining this mess.
We received the government's weekly unemployment claims Thursday and it was bad - again. Last Thursday the unemployment claims were ghastly, but were finally below 400,000 and on Fraud Street, just ONE good report is a "trend." The S&P was up 20-points shortly after the open.
We know now, however, that the report was garbage as usual. This morning we learned that the government "revised" that so-called good data to crapola by increasing it 6,000: from 391,000 to 395,000 weekly claims. Today's new weekly jobless claims were 401,000, which makes 26 consecutive weeks above 395k.
Friday morning will bring more news on the jobs front and with today's weekly information; along with last week's upwardly revised data (again), I would expect a low number - something below 80k, which is awful.
Trade Date: 10/6/11
E-Mini S&P Trades*
(before fees and commissions):
E-Mini S&P Trades*
(before fees and commissions):
1.FT buy @ 2:44pm at 1155.00 = +1.50 & +0.50 (2 lot)
2. Algorithm positions (6)
3. "Reading the Tape" positions (8) ...combined Secret's, Algo, & "Reading the Tape" total...+6.00
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