...the Other People's Money (OPM) managers can still find time to paint the tape into the end of month.
When this coat dries, they *might* try to slip on one more layer of paint before the weekend, but if we break to the downside we would look for a complete retrace of this rally to retest the lows.
Why? Because it is based solely on speculation, market manipulation and esperimentation by the Fed and Treasury. It is not based on anything organic to the economy, neither reform nor restructuring.
Wall Street corruption is one of the biggest impediments to an economic recovery. It has become an inefficient obstacle to capital allocation, price discovery, and real economic growth.
The US financial system represents a general systemic risk to the rest of the world because of the manipulation of the US dollar as reserve currency to serve the short term secular interests of a small but powerful financial elite.
"Some people see God as they see a cow, and love Him as they love a cow — for the milk and cheese, and the profit it brings. This is how it is with people who love God for the sake of worldly possessions or inward comfort. They do not truly love God when they love Him for their own advantage. The eye through which I see God is the same eye through which God sees me; my eye and God's eye are one eye — one seeing, one knowing, one love.”
Meister Eckhart, Predigten und Traktate