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A pop up rally on expectations that the demise of QE is greatly exaggerated.
I have rarely seen a market that is subject to so much blatantly phony 'commentary' as the metals market.
The talk on Bloomberg financial television this afternoon was that the Jobs Report was misleading, and that more people are not working because they want to 'take it easy.'
The unemployed just want to retire and lead the good life on Social Security and/or their 'savings.'
John Williams: US Unemployment Rate Now at 22%
Earnings season kicks off after the bell tomorrow with Alcoa.
A fairly moderate reaction to stocks in the first day of trading after the 'big miss' in the Jobs Report last week.
A secretive JPM Trader in London, alternatively known as 'the London Whale' or 'Voldemort,' is distorting the credit derivatives markets with massive positions, and a willingness to move them advantageously in the markets. It is a classic case of gambling with other people's money, in this case the excess capital provided by the Fed and the Treasury.
I am sure they are all legitimate hedging positions as Blythe Masters just asserted without proof. lol.
There may be action on this, however, as JPM is hurting other trading desks and not the average person. The public is prey but the financial powers take care of their own.
JPM is TBTF (Too Big To Fail) and TCTP (Too Connected To Prosecute).
This must seem ironic given Jamie Dimon's recent 38 page letter complaining about regulations which are stifling his firm. See this Bill Moyers interview with Paul Volcker about 'Gambling with Other People's Money.
London and NY are the centers of global market abuse, particularly London which provides a haven for privileged abuse.
JP Morgan has to all appearances been distorting various markets for years with impunity. They dominate the silver market with opaque positions and have been the subject of an inquiry by the CFTC which has been quietly stalled for years, most likely based on their political influence and government ties.
If the full truth ever comes out it may be a scandal larger than Enron, Lincoln Savings, and Madoff combined. And that is why it likely will not ever be fully revealed, because it compromises so many in the political and financial establishment. It is a premier example of the credibility trap that is stifling genuine reform and real economic recovery.
JP Morgan Trader's Heft Distorting Markets - The Times of India
