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Pastimes : The Philosophical Porch
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From: Rarebird10/21/2010 9:20:59 AM
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Transcendental Market Truths:

The Market:

Apparently, the Fed/Democratic Party plan didn't include a correction in stocks. The massive call buying I saw in the last hour of trading Tuesday was borne out with massive stock buying in the first hour Wednesday morning. Clearly, the word went out from the New York Fed that it was time to man the bilge pumps. And, in this case, selling dollars to pump stocks appears to be the order of the day.

Interestingly enough, the pump didn't quite reverse my sell signal given on the Dow Industrials at 11111.

The Fed is walking a tightrope here and I am convinced that the need for QE2 has more to do with reflating the insolvent banking system than actually pulling the economy out of depression.

If the QE operation is large enough, it can temporarily levitate the economy, but it's like trickle-down economics, which only works when the very rich get so rich some of the money slops over the side and hits the peasants below almost by accident.

S&P 400 Midcap:

Positive money flow has returned. As long as the rising support line is unbroken, the scenario of a final surge rally into the end of month which starts on the 28th and extends to the 3rd of November is on the table. It's all well-timed to peak the market on the election (November 2). Just remember: there are no coincidences when it comes to money and markets.
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