09 August 2010

SP 500 and NDX September Futures Daily Charts; Gold Daily Chart; NY Times Disses Bears

As I mentioned on Friday morning, despite the awful jobs numbers it was likely that the stock markets would find support into the FOMC meeting, which is tomorrow. I also suggested that despite the moves higher, gold and silver would be capped going into this meeting. Check and double check.

The story being promulgated by the oligarchs, with a strong lead from Robert Rubin and friends, is that the economy is doing well on its own and recovering, and no stimulus is required, except for tax cuts for the wealthy and for corporations.

This is America today, and that theme utterly dominated the conversation on Bloomberg television with hardly a dissenting voice from any of the guests.

Even the NY Times can only manage to squeeze out a piece of corporatized news such as this, The Rise of the Perma Bears.