This Isn't PPT, It's Blatant Fraud: Oops, There Goes the "Rally"
Zero Hedge is not only a raging content machine, reading him often makes one feel as though there may be some awfully sinister shit afoot. Or maybe that's because there is? Regardless of how much caffeine ZH has to be loaded on to spit out so much so consistently, I am personally grateful to have caught this just before midnight PST. Yes, we're broke and behind everyone else out here in the Golden State.
I find ZH's Fox Business clip awesome. In the argument over whether we should call recent events a bear market rally or 9 weeks of green shoots, a nugget of WTF: if the clip is worth face value, I believe we could safely call this "the other shoe."
Anyway. ZH's latest. Da-da-DA, look, rabbit tracks!:
“Something strange happened during the last 7 or 8 weeks. Doreen you probably can concur on this -- there was a power underneath the market that kept holding it up and trading the futures. I watch the futures every day and every tick, and a tremendous amount of volume came in a several points during the last few weeks, when the market was just about ready to break and shot right up again. Usually toward the end of the day – it happened a week ago Friday, at 7 minutes to 4 o’clock, almost 100,000 S&P futures contracts were traded, and then in the last 5 minutes, up to 4 o’clock, another 100,000 contracts were traded, and lifted the Dow from being down 18 to up over 44 or 50 points in 7 minutes. That is 10 to 20 billion dollars to be able to move the market in such a way. Who has that kind of money to move this market?
On top of that, the market has rallied up during the stress test uncertainty and moved the bank stocks up, and the bank stocks issues secondary – they issues stock – they raised capital into this rally. It was perfect text book setup of controlling the markets – now that the stock has been issued…”
I believe we can also safely say this is far outside PPT jurisdiction. If we were the sort to wildly postulate about those sorts of things.
Hearing about the invisible hand pushing up the market in this clip made me feel terribly violated. Anyone else thinking about Goldman's shiny little tower and the greatest American dicking of all time?
On that note, who does have that kind of money? I wonder. I'd point to it but that would be considered libel. Do I need to draw a fucking arrow for you?