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The FOMC minutes precipitated a drop in the markets.
Gold and some of the miners were hit hard, with silver, bonds and stocks down to a lesser extent. The US dollar rallied.
The rationale was that there would be no QE and that perhaps the FED would raise rates. Given the recent data from income tax receipts and wages this appears to be more a fantasy than a sound fiscal policy.
I don't expect this to 'stick' especially in stocks. These moves have the appearance of perception management and the usual trading desk antics.
The spokesmodels were rather eager to twist this into an endorsement by the Fed of 'the recovery' and did the segway to 'buy stocks.'
Bernanke and the Fed have given themselves over to the monied interests. They are no true regulators, and serve only themselves. But the same could be said of those who have taken the oaths of regulators, who sit idly by while the people are cheated and their savings are stolen.
Wall Street is desperate to hand this rally off to the retail buyers. Without volume it cannot continue without becoming increasingly unstable.
Will AAPL Be the First Trillion Dollar Stock?
Martin Luther King's Last Speech
3 April 1968, Church of God in Christ, Memphis, Tennessee
On 4 April 1968, Dr. Martin Luther King, Jr. was assassinated.
O Jerusalem, Jerusalem, you who kill the prophets and abuse those whom God has sent as messengers to you, how often I have longed to gather your children together, as a hen gathers her young under her wings, but you would not let me.
As you willed, your house is now yours, but is made desolate. For I tell you, you will not see me again until you rise and say, ‘Blessed is he who comes in the name of the Lord.’”
The FOMC minutes at 2 PM NY time set off a sell signal in gold of about 2.25%, and to a lesser extent stocks .90% and silver which was down 1.44%.
Financial analyst Reggie Middleton is interviewed on a range of topics by Max Keiser.
- Fed bought 61% of new Treasury debt issuance distorting markets
- Higher oil prices are due to monetization of the currency and not increased demand
- Higher education has all the characteristics of a debt bubble
- Big name investment banks are taking advantage of their clients in order to make short term financial goals
- JPM and other TBTF banks have forged partnerships with governments to public detriment
- Facebook IPO is good for Mark Zuckerberg but not for shareholders, Wall St. marketing
