Another crazy week at the casino comes to a close. Clearly, the bulls continue to remain in firm control. I'm actually surprised no one has yet called for sp'2000 by year end. At the rate of just 5% a month, that would be easy to attain!
*the hourly charts remain bizarrely 'simplistic' I admit, but then the trend is similarly simple..right?
For the bears, it was yet another week of persistent pain and suffering. For the bulls, it literally is almost like the bubble high of 2007 again. Everything is fixed, right? Well, that's what the cheer leaders on clown finance TV keep saying.
A market fuelled by POMO
What concerns me most - for those on the bearish side, is the POMO money. The Fed is throwing 45bn of new money back to the primary dealers who originally bought the t-bonds.
The power of the 'POMO $' is going to be something that is simply going to remain a rumoured 'stock prop' for months..if not years to come. Personally, I think a significant amount of the money is somehow making its way from the primary dealers into financial institutions who are then leveraging it up - 10, 20, maybe even 100x, to buy equities, and even commodities.
More on that issue, another time though.
Its been a long week, time to switch those trading screens off.
Have a good weekend
*The usual bits and pieces to wrap up the week across the evening.
There will be a significant weekend post, late Saturday, probably on the US or World indexes.