08 June 2009

SP Futures Hourly Chart at 2:30 PM

The volumes remain thin, and the market appears to be in the control of the big trading desks, flush with TARP money, and the demimonde of hedge funds and daytraders.

Be in this market for the short term only, or not at all. The manipulation of certain funds, options and indices makes this a 'professionals only' market.

Let's see if any serious support breaks, ahead of the second quarter earnings. The mainstream media is preoccupied with bread and circuses, and the financial news media is an extended informercial, if not propaganda machine.

There is no economic recovery, only a paper chase. The Obama Administration is failing to take the next steps of creating an industrial policy that places the US labor force and economy on an equal footing with the rest of the world, and reforming the financial system which is unbalanced to the point of deformity and inefficient to say the least.