US stocks were giving up some of the recent gains today, which is no real surprise.
The advance of the last few days has been remarkably 'technical,' with no real participation from large institutional buyers.
Some have characterized it as 'retail buying' but from my vantage it looked more like manipulative algo buying, with some of the usual punting on the side. Wall Street wishes that mom and pop would come in and buy their dodgy paper yet again. Unfortunately mom and pop and their house account are in intensive care from the last four or five cons that the financial sector has run on them.
The Philly Fed this morning shows contraction again, for the sixth straight month I believe.
We are not just being badly served by well-intentioned but misinformed people. That is the 'Greenspan Defense.'
No, it is more of the self-serving and self-enriching actions of an effete group of prideful plutocrats and their willing servants. They succumbed to the principle that 'greed is good' and now are caught in a credibility trap of their own making and consequences.
And like the amoral narcissists and pampered and privileged clerks that they really are, they are mightily looking for someone else to pick up the tab for their dalliances on the dark side of their own self-serving delusions.
The peasants sense that something is wrong, and that they are being lied to on a systematic basis. And they are rejecting the usual brands being offered up by the corporate cliques for their presidential choices.
Is there anything in all of this that is not yet clear? There is no hope without real change.
Have a pleasant evening.
