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Index futures were wafting higher Tuesday night, made buoyant,
presumably, by the absence of volume and an apparent dearth of sellers. For DaBoyz who run this nightly carny game, such rallies
present an opportunity to induce a short-covering panic. Just the thing to
distribute shares to widows and pensioners who still don’t suspect that
the stock market may have entered a bear market. At the moment, however, the
missing ingredient to produce the wished-for buying panic is some mote of
news that might support Wall Street’s cherished mirage of a world in
which troubles, finally, are melting like the lemon drops of song.
Not in Europe, though, and not tonight. Usually, when we see the
Mini-S&Ps up 10 or more points late at night, as is the case right now,
it means that delusions about Europe getting past its financial crisis are
waxing rather than waning. This evening, however, we are seeing a bizarre
inversion of the usual dynamic. For stocks are rising in Asia not on
speculation that Europe has resolved some aspect of its dilemma, but that it
can’t and won’t. Specifically, it is Spain that is getting
pummeled today, shunned by the credit markets and worried that it won’t
be able to meet payroll if it doesn’t receive a fresh infusion of
credit, and pronto.
Years of Claptrap
In a financial world not run by crooks, sociopaths and imbeciles, this
would be taken for bad news. But the markets are in fact controlled by such
types and worse, and so we see shares rallying tonight on hopes that
Spain’s increasingly dire plight will call forth yet new and vast sums
of stimulus money – and not just for Spain, but for all of Europe. It is
an affront to civilization itself that this kind of thinking should rule
global markets and therefore, in some fashion, our daily lives. Even though
it has been going on for years, it beggars believe to think that anyone even
remotely believes such claptrap. Certainly not the crooks and imbeciles who
gamble with Other People’s Money (OPM) as though it were…other
people’s money. Not a one of them could possibly expect a happy outcome
for Greece, Spain, Italy et al. But when it comes
time to place their bets, they toss their chips onto the “pass “ line, sticking to their story. For its part, the
news media, ignorant and complicit, claps with the dim enthusiasm of a
trained seal. For seven days’ free access to all of our services, including
detailed daily trading recommendations and a 24/7 chat room that draws
traders from around the world, click here.
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