Stocks tried to shake off some pretty bad macroeconomic numbers from this morning. I have included a chart of them below.
However, the stock market's rally was dumped hard as the ECB announced into the close that they would no longer allow banks to accept Greek debt as collateral.
More on this in the gold and silver commentary above.
Stocks pretty much went off on the lows. This market has the resilience of meringue, and all the character of a cotton candy soufflé.
Without QE I am struggling to see how stocks can keep scaling their lofty heights, especially with the wheels starting to fall off the real economy. And they are, despite the puffery from the Fed and the sell side of the Street, the paid strategists whose primary strategy is to keep you 'fully invested.'
Some incident will occur, and then the truth will be revealed, and non-related parties properly scapegoated for spoiling our great and glorious Recovery. We are the world, we are exceptional, we cannot fail.
The elite will lie, and the people will pretend to believe them. Heck about 20 percent of the American public will believe almost anything if it is wrapped with the right prejudice and appeal to passion.
Have a pleasant evening.
