 | Farcical – pertaining to or the nature of farce; absurd; ludicrous. Well, now I know how to describe what happened on Globex last night: farcical!
The mini-S&P (ES) rallied in a MAJOR way last night – spiking to at least 1342.25 (I am actually writing this now, but you will be reading it in the morning). The ES exploded ~26.00 points from the low because of…wait for it…rumors of potential deals from the latest so-called “summit” in Europe.
Just one hour after the meat of the rally took hold, the Italians have already said the so-called agreement is a non-starter. They will not play ball. Farcical, indeed!
As I traded the ES first long, then short, I read the following headlines from Bloomberg…
- EURO LEADERS RENOUNCE SENIORITY ON SPAIN LOANS
- EURO LEADERS AGREE TO OPEN FUNDS WITHOUT AUSTERITY PROGRAMS
- BANKS CAN BE RECAPPED DIRECTLY WITH AID FUNDS, VAN ROMPUY SAYS
Then…
- MERKEL SAYS EU LEADERS TO CONTINUE WORK ON LONG-TERM MEASURES
- JUNCKER SAYS WOULD HAVE `HOPED FOR MORE' FROM EU SUMMIT
- EU BANK SUPERVISION IS CONDITION FOR ESM LOANS TO BANKS: RUTTE
Frau Merkel says “EU leaders will continue to work on long-term measures” but that won’t fly. Re-read the prior bolded headline, which says it all: money for nothing and chicks for free. (Dire Straits – Money for Nothing)
Although this nonsense has been regurgitated over and over and over again, it makes no difference: the headline-seeking algorithms controlled by the self-aware SkyNet supercomputer will buy it every time.
Along with the regurgitation of the “we’re saved again” bull$#it is the ever-present “no we’re not” – also known as reality. When the ES reached the aforementioned 1342.25 level, Mario Monti made a few headlines himself.
- MONTI SAYS EURO LEADERS HAVE NO PLAN FOR BOOSTING BAILOUT FUNDS
- ITALY HAS NO INTENTION TO `APPLY FOR THIS,' MONTI SAYS
- IRELAND'S KENNY SAYS WHAT WAS IMPOSSIBLE IS NOW POSSIBLE
Apparently Ireland’s Mr. Kenny is happy about the initial headline that read there is free money coming with no austerity. Yeah, that’s gonna work out fine.
Isn’t it interesting how this is happening right before the end of the quarter? Nothing’s actually rigged – right? Well, US interest rates are “set” (read: rigged) by the Federal Reserve. And LIBOR is illegally rigged. Certain health care stocks exploded 1 minute BEFORE the Supreme Court ruled in favor of those exact stocks. That was clearly leaked, which means it was clearly rigged. But not this – right? Just another coincidence I’m sure.
Trade well and follow the trend, not the so-called “experts.” Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banking mafia.
larrylevin@tradingadvantage.com
Trading Advantage
(888) 755-3846  |  Larry Levin's Trading Advantage is a leading investment education firm that empowers traders to achieve and surpass their financial goals. More than 50,000 students have used Larry Levin's proven techniques for powerful results. |
Trading Signals from the Electronic (ES) mini-SP 500 - No “Secret” signals today.
- Algorithm positions (9)
- “Reading the Tape” positions (2)…combined Secret’s, Algo, & “Reading the Tape” total… +1.50
ES 1320.00 / 1309.00
POC... 1313.00
YM 12489 / 12399
NQ 2531.50 / 2512.50
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Keep a civil tongue.